Obama’s betrayal is the betrayal of the Democratic Party. The Democrats gave us the
Financial Services Modernization Act of 1999, which ripped down the firewalls that were put in place by the 1933 Glass-Steagall Act. The 1933 act, designed to prevent the kind of meltdown we are now experiencing, established the Federal Deposit Insurance Corp. (FDIC). It set in place banking reforms to stop speculators from hijacking the financial system. With Glass-Steagall demolished, and the passage of NAFTA, the Democrats, led by Bill Clinton, tumbled gleefully into bed with corporations and Wall Street speculators. They achieved fundraising parity with the Republicans. They used institutions like Fannie Mae and Freddie Mac as a welfare gravy train. The Democrats, including Obama, are as compromised as the Republicans.
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