Why Did The Gramm-Leach-Bliley-Act NOT “Modernize” America’s Personal Bank Accounts?

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America’s personal bank accounts were bypassed during the neocons “modernization” of America’s economy. What was the  purpose of “modernizing” America’s economy? Look again at this from Wikipedia:

[…] American Express attempted to own almost every field of financial business (although there was little synergy among them). Things culminated in 1998 when Citibank merged with Travelers Insurance creating CitiGroup. The merger violated the Bank Holding Company Act (BHCA), but Citibank was given a two-year forbearance that was based on an assumption that they would be able to force a change in the law. The Gramm–Leach–Bliley Act passed in November 1999, repealing portions of the BHCA and the Glass–Steagall Act, allowing banks, brokerages, and insurance companies to merge, thus making the CitiCorp/Travelers Group merger legal.[…]

http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

Was America’s economy sacrificed by neocon politicians to “bail out” a business interest? Was this “modernization” idea just a case of fixing a greedy bastard problem?

 

  1933 1943 1953 1963 1973 1983 1999 2003 2004
Glass Steagall Act Born >>>>>>> >>>>>> >>>>>> >>>>>>> >>>>>>> Died    
Gramm-Leach-Bliley-Act             Born   >>>>>>>
2003 State of the Union Address               *Delivered*
(focus on investors)
 
Great Recession                 Great Recession Arrived

 

There should not be much of a real revelation here. There is just a re-emphasis of the length neocons will go to in order to protect their political base. At this time it’s difficult to figure out what they won’t sacrifice.

The “modernization” act did more for bailing Big Business out of a greedy bastard type problem than it did for sea to shining sea America. There is nothing new there. And America’s ombudsmen(voters) were lucky that the neocons decided to leave personal bank accounts untouched. That means there was no need – this time around – for an impromptu banker’s holiday.

The Glass-Stegall Act kept America’s economy upright for 66 years – Gramm-Leach-Bliley saw an economy crash within 5(and that is being kind) years. Of course had the neocons messed with America’s personal bank accounts, America would have ROARED without any help from  the press. America does not often ROAR. But when she does, everybody hears.

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