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The Franklin County DemocratThe truth for a change. |
Published by the Franklin County Democratic Central Committee Office: 6908 West Argent, Pasco, Washington US Mail: PO Box 4883, Pasco, Washington 99301 USA Email: news@franklincounty-dems.org |
| www.franklincounty-dems.org | Tuesday September 07, 2010 | Weather at 14:04 PDT: |
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Hastings voted 'aye'By Cindi Laws, Sunday October 26, 2008The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted 1999-11-12, is an Act of the United States Congress which repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies and allowing commercial and investment banks to consolidate. It is widely recognized that the Republicans have worked hard to deregulate the financial system in the United States. That they have been successful in doing so they now must claim ownership in the current freezing-up and threatened collapse of our financial markets. Economists tell us that the best we can expect is a recession of one to two years along with an ever expanding national debt.
One of the major pieces of deregulation legislation was the Gramm-Leach-Bliley Act. Yes, named after the same Gramm that is a leading campaign economic advisor to Senator McCain. Senator McCain’s relationship with Gramm and his inability to disassociate himself from the deregulatory policies of the Republican party have severely hurt the American voting public's opinion of him.
Likewise, every person in the South Eastern part of the State of Washington who is looking at their devastated 401K and the present or potential economic stress he or she finds themselves in needs to be aware that there is not a more dedicated and loyal foot-soldier of this failed and finally disastrous deregulatory philosophy of the Republican party than Doc Hastings.
Doc's stand on deregulation is exemplified by his vote for the Gramm-Leach-Bliley Act. But he did not make this vote in isolation. There were strong and viable reasons for voting against this bill.
Did he carefully think this through?
Given Hastings’ almost perfect record of voting the party line the apparent answer is 'no'. As with all Republicans running for election this year, whether he wants it or not, he now owns his no small part in their disastrous running of the country in the last 8 years. Send us your comments to Reader's Letters |
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