Comments on: The Bet That Blew Up Wall Street

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by singitwb October 26, 2008 10:44 PM EDT
As usual 60 minutes stops one or two items from the root cause. One has to ask if bad mortgages were not written thanks to prodding of financial institutions by people like Obama. And then there is Fannie Mae and Freddie Mac, thanks goes to Chris Dodd and Barney Frank. In 1995, Bill Clinton signed the re-authorization of CRA 1st created in1977 pressed the gas pedal to the floor. Thanks Dems
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by rvgeoff October 26, 2008 10:43 PM EDT
Thank you PaulGa2! Why did CBS not bring this out? Come on Steve, do a follow up on these two members of the Wrecking Crew and investigate what they got out of this. I watched Senators on CPAN giving witness hell over this, but not one of them stepped up to say what their role in this was.
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by rvgeoff October 26, 2008 10:36 PM EDT
Thank you PaulGa2! Why did CBS not bring this out? Come on Steve, do a follow up on these two members of the Wrecking Crew and investigate what they got out of this. I watched Senators on CPAN giving witness hell over this, but not one of them stepped up to say what their role in this was.
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by gallip October 26, 2008 10:36 PM EDT
The "Commodity Futures Modernization Act of 2000" (H.R. 5660) Introduced in the House on Dec. 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA) Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA). The bill was never debated in the house.
The companion bill (S.3283) was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never debated in the Senate.
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by gallip October 26, 2008 10:28 PM EDT
The bill was introduced in the house by Rep. Tom Ewing(R) among others and in the senate by Senator Gramm(R). both were introduced the day before the christmas break. Neither bill was discussed on the floor and the law was sign by Bill Clinton. A real bipartisan screwup
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by idsvoog October 26, 2008 10:21 PM EDT
Who wrote the legislation? Who introduced it and co-sponsored it? How do you possibly do this story without examining that?

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