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In reply to the discussion: John Boehner: Americans 'Do Not Want To Vote For A Loser' [View all]Peaceful Protester
(280 posts)Last edited Wed May 23, 2012, 01:46 PM - Edit history (1)
In the 1980's, Reagan determined to govern through deregulation and privatization, pursued a full on assault of the unions. In the 1990's Gingrich and Boehner set out to deregulate wall street. By 2000, deregulation red flags were being set off with the ENRON energy scandal. If you don't remember: ENRON manufactured rolling blackouts on the West Coast so people wouldn't complain when their energy bills rates spiked up wards while ENRON traded energy stock on wall street.
In 1998, Gingrich and Boehner were working to repeal Glass-Steagall. House Speaker Newt Gingrich (R-Ga.) was pushing for passage of a financial-services deregulation bill by Easter. Boehner had his back every step of the way. The bill, a compromise cobbled by Representative John A. Boehner (R-Ohio), would give brokers a boost, permitting them to acquire banks, which have the power to lend and take federally insured deposits.
John Boehner cried when he became Speaker of the House because he didn't think people would be dumb enough to allow a career politician, like himself, to rise to such a position of power after helping repeal the Glass-Steagall Act, a crucial firewall between banks and investment firms which had protected consumers from financial calamity since the aftermath of the Great Depression. Newt Gingrich even had the nerve to run for President, but ended his campaign by filing bankruptcy.
All this deregulation and privatization set the stage for people like Mitt Romney to go to work siphoning millions from the middle class. He made his money through managed bankruptcies. He bought businesses, laid off off workers, outsourced their jobs, and pocketed their pensions. The money he took from them was parked in swiss bank accounts, offshore accounts, and in the bahamas. Quite an accomplishment.