37th President of the USA was Richard M. Nixon from January 20, 1969 -1974
February 21, 1972 (click here)
On his visit to China, Nixon met with Chinese Premier Zhou Enlai. The two leaders agreed to expand cultural contacts between their two nations. Nixon also established plans for a permanent U.S. trade mission in China.
Nixon had a majority Democratic Senate and House.
38th President of the USA was Gerald Ford from August 9, 1974 - Jan. 20, 1977
He brought the troops home from a major illegal war waged in China's backyard. Gerald Ford had a majority Democratic Senate and House.
...Ford's chief economic error, however, was political in nature. (click here) He replaced his first economic program, which raised taxes and capped spending in an effort to combat inflation, with a plan that cut taxes and limited government spending in the hopes of fighting unemployment. Democrats accused him of doing too little to help Americans suffering from the unforgiving economy and of flip-flopping on the tax issue....
39th President of the USA was Jimmy Carter from January 20, 1977 - 1981
1978, Marquette vs. First of Omaha – Supreme Court allows banks to export the usury laws of their home state nationwide and sets off a competitive wave of deregulation, resulting in the complete elimination of usury rate ceilings in South Dakota and Delaware, among others
Jimmy Carter had a majority Democratic Senate and House. The Depository Institutions Deregulation helped the consumer and not the banks..
1980, Depository Institutions Deregulation and Monetary Control Act – Legislation increases deposit insurance from $40,000 to $100,000, authorizes new authority to thrift institutions, and calls for the complete phase-out of interest rate ceilings on deposit account.
40th President of the USA was Ronald Reagan from January 20, 1981 - 1989
Ronald Reagan had a mixed Congress. The House maintained a Democratic majority during the two terms of Reagan, but,, the majority in the US Senate flipped from majority Democrat in 1981 to Republican and stayed that way until 1987.
1982, Garn-St. Germain Depository Institutions Act – Bill deregulates thrifts almost entirely, allowing commercial lending and providing for a new account to compete with money market mutual funds. This was a Reagan administration initiative that passed with strong bi-partisan support.
1987, FSLIC Insolvency – GAO declares the deposit insurance fund of the savings and loan industry to be insolvent as a result of mounting institutional failures.
Reagan demoralized the union integirty when he moved against the pilots union.
41th President of the USA was George H. W. Bush from January 1989 - 1993
George H. W. Bush presided over a majority Democratic House and Senate for four years.
1989, Financial Institutions Reform and Recovery Act – Act abolishes the Federal Home Loan Bank Board and FSLIC, transferring them to OTS and the FDIC, respectively. The plan also creates the Resolution Trust Corporation to resolve failed thrifts.
The FDIC was having fits over bailing out the Savings and Loans because this left the insurance for FDIC banks exposed the country to vulnerabilities. This occurred under Democrats because Bush left them no choice but to bail out his son's short fall in the S&L failures. Of course, Bush's son wasn't the only one. Exactly, right.
When else in the current history of the USA did the Democrats believe they had no choice but to bail out banks? Hm? Another Bush?
42nd President of the USA was Bill Clinton from January 20, 1993 - 2001
Bill Clinton had a majority Democrats in the US House until 1995 when the Republicans achieved a small majority with Gingrich was promising a "Contract with America". It was never obvious what America Gingrich and his Republicans had a contract with. The Senate went from Democratic majority to Republican majority in 1995. Bill Clinton only had a Democratic majority for his first two years.
1994, Riegle-Neal Interstate Banking and Branching Efficiency Act – This bill eliminated previous restrictions on interstate banking and branching. It passed with broad bipartisan support.
The majority in the Senate and House switch to Republicans. This is what the "Contract with America" got the average depositor.
1996, Fed Reinterprets Glass-Steagall – Federal Reserve reinterprets the Glass-Steagall Act several times, eventually allowing bank holding companies to earn up to 25 percent of their revenues in investment banking.
1998, Citicorp-Travelers Merger – Citigroup, Inc. merges a commercial bank with an insurance company that owns an investment bank to form the world’s largest financial services company.
1999, Gramm-Leach-Bliley Act – With support from Fed Chairman Greenspan, Treasury Secretary Rubin and his successor Lawrence Summers, the bill repeals the Glass-Steagall Act completely.
2000, Commodity Futures Modernization Act – Passed with support from the Clinton Administration, including Treasury Secretary Lawrence Summers, and bi-partisan support in Congress. The bill prevented the Commodity Futures Trading Commission from regulating most over-the-counter derivative contracts, including credit default swaps.
43th President of the USA was George W. Bush from January 20, 2001 - 2009
"W" Bush started with a Republican majority in the House. That would change in 2007 to a Democratic House majority. The first two years the Senate was equally divided 50-50 with Cheney waiting in the wings to decide ties, so the Senate in 2001 was actually 101 and not 100. The four next years was a majority Republican, but, that flipped in 2007. Yep. The Democrats were pressure to act in 2008 when the global economic collapse hit due to actions of Republican majorities ten years before.
2004, Voluntary Regulation – The SEC proposes a system of voluntary regulation under the Consolidated Supervised Entities program, allowing investment banks to hold less capital in reserve and increase leverage.
2007, Subprime Mortgage Crisis – Defaults on subprime loans send shockwaves throughout the secondary mortgage market and the entire financial system.
December 2007, Term Auction Facility – Special liquidity facility of the Federal Reserve lends to depository institutions. Unlike lending through the discount window, there is no public disclosure on loans made through this facility.
March 2008, Bear Stearns Collapse – The investment bank is sold to JP Morgan Chase with assistance from the Federal Reserve.
March 2008, Primary Dealer Facilities – Special lending facilities open the discount window to investment banks, accepting a broad range of asset-backed securities as collateral.
July 2008, Housing and Economic Recovery Act – Provides guarantees on new mortgages to subprime borrowers and authorizes a new federal agency, the FHFA, which eventually places Fannie Mae and Freddie Mac into conservatorship.
September 2008, Lehman Brothers Collapse – Investment bank files for Chapter 11 bankruptcy.
October 2008, Emergency Economic Stabilization Act – Bill authorizes the Treasury to establish the Troubled Asset Relief Program to purchase distressed mortgage-backed securities and inject capital into the nation’s banking system. Also increases deposit insurance from $100,000 to $250,000.
Late 2008, Money Market Liquidity Facilities – Federal Reserve facilities created to facilitate the purchase of various money market instruments.
44th President of the USA was Barack Obama from January 20, 2009 - present.
President Obama had a Democratic majority in the Senate for his six first years. The Senate shifted to a Republican majority in 2015. The House is just the opposite with a Democratic majority for the first two years and then shifting to a Republican majority. The Republicans under Obama have maxed out their damage to the USA with a default and brinkmanship without the assistance of a Republican President in 2016 election. The Republicans wants to shift Medicare to a private voucher program and completely eliminate the Patient Protection and Affordable Care Act and wants to take as much benefit as they can from Social Security. How that is going to solve the national debt without a supporting economy is anyone's guess.
March 2009, Public-Private Investment Program – Treasury Secretary Timothy Geithner introduces his plan to subsidize the purchase of toxic assets with government guarantees.
Senator Sanders and when Secretary Clinton were involved with the power of the USA during this time they know what went on. These movements in the financial sector took place nearly invisible to the American public until of course they started to lose their jobs, their homes and their retirement savings.
The Democrats were not necessarily initiating the legislation that brought down the country in 2008, but, there wasn't much of a fight. Less indulgence of Wall Street took place under Democratic majorities in the legislature. That is a fact. But, what is it with the Bushs. Forty-one oversees the bailout of his son along with the rest of the S&Ls, then 43 bails out the corrupted investment banks at the cost of a global economic collapse that is just about ready to happen again.
Don't you find it odd. Odd, that Wall Street is portraying instability, with China quaking in the balance at the time when 2016 elections are occurring and oops, here comes another Bush. ?????????????????????
As America weathers (click here) the most severe financial crisis since the Great Depression, a singular debate pervades the country – what went wrong? Was it greed or negligence, or some combination of both? Was there too much regulation or too little? Clearly, the system of regulations and incentives in place did not produce optimal results. Can a similar catastrophe be prevented in the future? This paper outlines the major regulatory changes over the last three decades that created the context in which the crisis occurred....