Chuckee Cheese Schumer’s Straddle; he can flip-flop on a dime, like any real demonrat
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The Democratic presidential nominee, Senator Obama, was on the campaign trail yesterday taking aim at someone who has been retired from the Senate since November 30, 2002 — Philip Gramm of Texas. In remarks prepared for delivery yesterday in Green Bay, Wisconsin, Mr. Obama called Mr. Gramm, “the architect in the U.S. Senate of the de-regulatory steps that helped cause this mess.” It sent us scrambling for Senator Schumer’s remarks back in 1999 on the passage of the conference report of S. 900, the legislation known as Gramm-Leach-Bliley, which repealed some of the regulations known as the Glass-Steagall Act.
“I first want to thank Chairman Gramm and Senator Sarbanes, Chairman Leach, Representative LaFalce, and all of my colleagues who worked so long and hard on this legislation,” Mr. Schumer began, “Mr. President, this is a historic moment. We’ve been working towards it for 18 years … the future of America’s dominance as the financial center of the world is at stake. This bill is vital for the future of our country.”
He was just getting warmed up. “If we didn’t pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world. That has grave implications for all of America, where financial services are one of the areas where jobs are growing the most quickly, where our technology is way ahead of everyone else, where our capital dominates the world. And it would be a shame if because Congress has been unable to act that all those advantages were frittered away as they well could be in a global world by our failure to realize the problems that our existing antiquated laws cause us.”
Mr. Schumer went on, “I need not tell the Senate how important this bill has been to the financial capital of the world, New York.” He concluded, “And so, Mr. President, in conclusion, this is a historic day. It’s a historic day for my state of New York, which I am proud to say is the financial capital of the world, and with this bill has a much great