Posted: July 6, 2014
Don’t let Tom Udall confuse you. Don’t let him say he hates banks, hates Wall Street, hates big corporations. It is pure rhetoric.
Way, way back Tom Udall, a lot of Republicans and quite a few Democrats voted to repeal a law on the books that provided a lot of regulation and security to financial markets. It was called the “Glass-Stengall Act”.
In the word of the linked article bellow: “It seems the key to the modern financial fiasco was the repeal of a law called the ‘Glass-Stengall Act’. This law was originally designed after the Great Depression to regulate banking and keep customer savings separate from banking investment. By repealing it, banks were allowed to speculate with savings placed in their banks by unwary depositors …”
As a result the split between banks and Wall Street was closed and money was available to pour into the market and make everyone rich until they were no longer rich.
The bill was signed into law by President Clinton and his Wall Street economic adviser from Goldman Sachs – Bob Rubin.
It was also voted “yes” on by both the Udalls – Tom and Mark
So much for holding banks and the stock market accountable. So much for making sure the rich cats didn’t get richer. So much for making sure everything is fair for everyone.
By the way, Tom Udall was rewarded for his vote by almost a million dollars going into his campaign fund by both supporters and opponents to the bill.
He came out smelling like a rose and the rest of us came out smelling like yesterday’s trash.
Full article here >>>.
Second article here >>>.
Third article here >>>.
Fourth article here >>>.