Going beyond Glass-Steagall, good people of New Hampshire need to understand Bill Clinton provided another seed for the current mess that we find our economy in. On on December 21, 2000 then President Bill Clinton signed Commodity Futures Modernization Act of 2000 or CFMA (H.R. 5660 and S.3283). This act would allow the derivatives market and in particular, Credit Default Swaps (CDS) to be traded at will and without any government oversight.
CDS are the complex financial instruments hedge fund managers use to protect their leveraged assets against default. By signing this bill, Clinton would provide the insurance investors would need to trade mortgage-backed securities. It has been said that most of AIG's troubles are due to their exposure to CDS. Thanks Bill Clinton - NOT!
This action by Clinton was the spark which caused the current crisis and without Clinton’s signature on the Glass-Steagall repeal on the CFMA bill there likely would be no crisis today. Thanks Bill Clinton - NOT!
There is much information on the net about CDS so I urge you to find out more so you can come out of the dark and realize the Democratic Clinton administration was the catalyst for today’s troubles.