Boehner: "There was no deregulation of anything"

[mod mom]

Boehner: "There was no deregulation of anything"
by Jed Lewison

Thu Mar 19, 2009 at 09:50:50 AM PDT

There have been a lot of Republican lies about how we got into this mess, but this one may just be the biggest of them all:

VIDEO @ LINK

Transcript (emphasis added):
BLITZER: He seemed to be saying, all those Republicans who want a free market, who want to deregulate, who want the government off the back of these huge corporations, look what they're -- look what we got as a result of all of that.

BOEHNER: Wolf, you have to understand, there was no deregulation of anything in the financial services industries. As a matter of fact, there was an increase in regulation.

How stupid must Boehner think we are? Has he forgotten completely about the Gramm-Leach-Bliley Act, which the conservative Heritage Foundation called "a major step toward financial deregulation."
Heritage wrote:

Significantly, this means banks, securities firms, and other types of financial institutions could join together to offer their customers a more complete range of services.
Of course, Boehner doesn't need any lessons on Gramm-Leach-Bliley -- because he voted for it in 1999.

In other words, John Boehner voted to usher in the era of financial services deregulation, helping pave the way to our present crisis. Now, instead of owning up to the devastating consequences of the policies he supported, he's simply pretending they were never implemented.

-snip

http://www.dailykos.com/storyonly/2009/3/18/710357/-Boehner:-There-was-no-deregulation-of-anything

[spanone]

1. i'm sure wolf vigorously debated him on the issue

:sarcasm:

[madokie]

4. One thing about leslie blitzer

I don't hear him anymore. I heard all the noooooooooooooooowwwwwwwwwwwwwwww from his piehole that I ever want to hear.

[spanone]

6. i'm pretty much cnn free

[Dollface]

2. Thanks. I'm sure I will need this for table talk over Easter dinner.

[Traveling_Home]

3. ??? Wasn't there deregulation under Bush ??? nt

[Nicholas D Wolfwood]

5. Wow... Just wow.

What a fucking jackass. :mad:

[MiniMe]

7. To laugh out loud or to roll my eyes, that is the question

I can't quite decide which the reponse whould be.

[liberal N proud]

8. Oh, I am going to believe this asshole

NOT!

[Birthmark]

9. Repuddinheads are congenital liars. eom

[BuyingThyme]

10. It's a narrow, one-way road. Not a lot a places to turn around.

[Blackhatjack]

11. Did He Cry? That seems to be one of his usual tactics... n/t

[PA Democrat]

12. Keep talking Boehner. See if you can get your approval ratings down

even further. Single digits here we come!

[antigop]

13. Not just Gramm-Leach-Bliley-- SEC rule change in 2004 changing leverage

http://www.nytimes.com/2008/10/03/business/03sec.html

On that bright spring afternoon, the five members of the Securities and Exchange Commission met in a basement hearing room to consider an urgent plea by the big investment banks.

They wanted an exemption for their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments. Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instruments.

The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson Jr. Two years later, he left to become Treasury secretary.

A lone dissenter — a software consultant and expert on risk management — weighed in from Indiana with a two-page letter to warn the commission that the move was a grave mistake. He never heard back from Washington.

[Javaman]

14. repukes lie the best when they lie to themselves. boner likes living the dream. nt

[Fuzz]

15. I saw that exchange and yelled 'WHAT?', then laughed and laughed

[tonysam]

16. Boehner = Bonehead

n/t