REPUBLICANS UNLEASHED WALL STREET WITH Gramm's Commodities Futures Modernization act

[JohnWxy]

Don't believe any shit that Democrats were all for deregulation. It was the GOP who have always been lobbying for crapshott capitalism.

Phil Gramm leading deregulator of the deregulators (the GOP have always been crying for deregulation and still are) slipped in the Commodities Futures Modernization act in as a rider (something sneaky, like an ear-mark) to the Omnibus Funding bill, 2000. The CFMA had not been able to get out of two committees because Democrats were suspicious of it. Nobody in Congress was aware that the CFMA was in there when they voted to keep the Government from running out of money. The CFMA could not get out of two committees so Gramm used this stealth legislation approach.

see more here:

'60 Minutes' Reports on Commod Futures Modernization Act

here's some more on the CFMA: http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=46802

[valerief]

1. From the Contract On America Congress, Newt's bunch. nt

[elleng]

2. True, deregulation was largely championed by repugs,

Last edited Thu Feb 2, 2012, 10:14 PM - Edit history (1)

but remember Alfred Kahn? Jimmy Carter? An important early start.

http://en.wikipedia.org/wiki/Alfred_E._Kahn

[Old and In the Way]

3. Sadly, the people who need to understand this are locked down within Fox News and

the rest of the media walled garden that misinforms the conservative voter.

[liberalmike27]

4. And Sadly, Clinton signed it

Though it wouldn't have mattered, since the margin in congress was large enough to override a veto anyway.

Dick Durban (was it?) was prescient, and knew it'd bring back another depression, just like what it was designed to prevent.

[JohnWxy]

5. Clinton signed the Omnibus Funding bill, must pass legislation to which the CFMA was a rider. Nobody

knew the CFMA was attached to the 11,000 page Omnibus Funding bill, signed on Dec 21, 2000. Please see second link in OP.

Clinton couldn't have vetoes it. The funding bill had to be passed to keep government operating in coming year. There would have been no time to veto and remove the rider - even if anybody had been aware it was in there.

also see Who Wrecked the Economy? foreclosure Phil