John E. Sedar – 4/8/08

This page was last updated on April 8, 2008.

What Clintons have done; John E. Sedar; Beaver County Times; April 8, 2008.

In a previous letter, Mr. Sedar blamed the Socialist Security solvency problem on “unified budgeting.”

Below is a detailed critique of the subject letter.

“On Oct. 6, 1999, the U.S. Senate passed the Financial Services Modernization Act, and President Bill Clinton, who considered it a priority, signed it into law.

“The law allows banks, the stock exchange and insurance companies to work under the same or similar rules by deregulating the former law governing these matters, the Glass-Stegall Act.

“Glass-Stegall, which was enacted when Franklin Roosevelt was president, separated banks, the stock exchange and insurance companies. The stock exchange crash of 1929 brought about this act.

“We now have financial problems again.

“The North American Free Trade Agreement and the General Agreement on Tariffs and Trade were signed by Clinton in 1993 and 1994 respectively.

“Both were fast-track procedures. Congress had 90 days to say ‘yes’ or ‘no’ and could not change the terms of these agreements, which did not address the issues of working men and women in the work environment. These agreements were for globalization and the United States lost jobs.

“This is what the Clintons have done for us.”

[RWC] I’m too lazy to check out what Mr. Sedar wrote, but that’s not the point of my comment. My point is, Mr. Clinton didn’t do any of this stuff by himself. All of this required approval of Congress, sometimes when Democrats were the majority party and sometimes when Republicans were the majority.