Jury still out on effects of Obamacare on finances

2014-01-12T00:00:00Z Jury still out on effects of Obamacare on finances nwitimes.com
January 12, 2014 12:00 am

Mike Certa, of Crown Point, ranted recently about neoconservatives "refusing to regulate banks and Wall Street, billions of dollars were lost and tens of thousands of Americans lost their savings, pensions or homes. But no one has lost any of those because of the ACA. Also no one has died because of the ACA."

Some facts: The Gramm-Leach-Bliley Act, also know as the Financial Services Modernization Act of 1999, that repealed the Glass-Steagal Act of 1933, was passed into law on Nov. 12, 1999 and signed into law by that well known "neoconservative" Bill Clinton. This law removed barriers among banks, security trading firms and insurance companies and allowed these three institutions to consolidate.

As for the housing problems, Barney Frank and Chris Dodd wanted everyone to have access to a home loan regardless of ability to pay for same.

As for "no one has died, or lost their homes, savings etc.," the jury is still out. 

- Carl Robinson, Chesterton

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