In response to:
Well said,D G.Even more underreported was the repeal of the Glass-Steagall Act of 1933.That was a
real banking regulation law.I'm not a big reg fan,but some are necessary.The act broke up al the
various types of financial institutions which led to the Great Depression.I know the crash was in 1929,
but that was only the beginning.They were doing the same thing that led to the Great Recession.They also used the same method of cleaning up the mess.Bundle sound assets with toxic assets.It crushed
Central America.In the early 90s' the banks began to merge again,illegally. The Congress felt the need
to upgrade the law to "reflect" 21st century banking needs.The Senate voted 90-8 to repeal Glass-
Steagall.
In January 2008, at a John McCain rally in Columbia, S.C., I asked a number of local politicos to look back to the brutal 2000 Republican primary in their state, the one between McCain and George W. Bush. They had all supported Bush back then, and I asked whether, given the inconclusive wars, runaway federal spending and economic catastrophe of the next eight years, they felt they made the right choice.
The answer was yes. They explained that they had strongly supported Ronald Reagan, and then they supported George H.W. Bush because they had supported Reagan, and then supported George...
based on the truth.I can't take it anymore.I feel like we're all watching
political pre-school,like it or not.
demanding sub prime loans to be made.That worked out great.Now the banks,making high
risk loans,were in the same boat that led to the Great Recession.By the way,that new bill was sighned into law on 11/12/1999.That bubble had 8 years of toxic "air" blowing it up.The very
guys pushing the bill were Larry Summers,Bob Kerrey,Chris Dodd & Chuck Schumer.Obama,
years later,asked the same dorks that broke Glass-Steagall,to fix it with FrankenDodd.This
new law is so convoluted,It's not even enforceable.Coupled with all the terror attacks in the
90s,i fail to see where Mr.Clinton was so beloved.GWB was a governor at the time.Never once did he "blame Clinton"