About that house you think you own, might not be so

Crossville TN

Description

The Glass-Steagall Act protected the U.S. banking system for 66 years until its repeal in 1999 during the Wall Street-friendly "Bill Clinton" administration (it's your right to own a home). The momentum for its repeal came from the announcement in 1998 that Sandy Weill wanted to merge his trading firms, Salomon Brothers and Smith Barney (under the Travelers Group umbrella), with Citicorp, parent of the federally-insured Citibank. (See the Editor of Wall Street On Parade’s testimony before the Federal Reserve in 1998 on that merger proposal and the proposed repeal of the Glass-Steagall Act in this YouTube video.) The Fed approved the merger despite expert witnesses warning it would be a disaster for the country. Just nine years after Glass-Steagall was repealed in 1999, Wall Street collapsed the U.S. financial system in 2008 in a replay of 1929. They dumped it on G.W. Bush, time for Democrats to OWN the truth. They are great at re-writing history.