Thanks to Tim O'Reilly. Some of my favorite signs from #ows are about Glass-Steagall, but then among those who even know what it is, it seems to be mostly about the attack on a Democrat White House. It turns out that to try and make sense of where we are, it requires homework, and Americans aren't famous for homework.
I find myself frustrated and angry every time someone who doesn't do their history homework repeats the canard "Clinton repealed Glass-Steagall" (the bill that until 1993, kept investment banking separate from real banking, and whose repeal set the stage for the excesses that came home to roost in 2008). The bill was repealed by a Republican Congress, on strict party lines in the Senate (albeit with bipartisan support in the House, reminding us why the Founders had a Senate in the first place).

This morning, when I tweeted a link to an NPR story:

What 8 years of Republican leadership brought-at end of Clinton admin, economists worried about end of US National Debt

I got the inevitable response from someone using the handle puppetMaster3:

@timoreilly It was clinton that canceled glass steagall act

Just because something happened during the Clinton administration doesn't make him responsible. It's Congress that passes the laws, and in this case, it was a Republican bill passed by a Republican-controlled congress. So please stop trying to pass the blame.

There are initiatives that presidents lead (like Bush's choice to go to war in Iraq rather than pursuing Bin Laden in Afghanistan). And there are things that were done in accord with Democratic policies (like pushing for more home ownership by low-income folks), but please, let's not pretend that repealing Glass-Steagall was Clinton's fault.

From the Wikipedia article (which has a pretty good summary of the whole thing):

"The bill that ultimately repealed the Act was brought up in the Senate by Phil Gramm (R-Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[9] and by a bi-partisan 343–86 vote in the House of Representatives.[10] After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.[11] Proponents argue that repealing the provisions had little impact on the financial system and even helped restore stability during the financial crisis.[12][13] Ten years after its repeal, detractors condemn Glass-Stegall's repeal for reestablishing conflict of interest within the financial industry and fostering "too big to fail" institutions that led to the housing market collapse and its associated financial crisis. [14]"
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