All About McCain

Alex · 09-23-2008, 08:56 AM

So many people have been involved in so many things that can be blamed for our current situation that everybody will be able to easily filter out completely contradictory lists of people to blame.

However, they were probably talking about Phil Gramm, who has certainly be in the middle of banking deregulation efforts for the last 30 years including the repeal of the Glass-Steagall Act of 1933, a Depression era bit of regulation that put up walls between banks, investment houses, and insurance companies.

A strong argument could be made that it was the removal of this wall that allowed these three sub-sectors to get so intertwined that a 3% foreclosure rate brought them all to their knees.

That said, while Gramm was a driving force, it was passed on a bipartisan basis (75% plus in favor in both houses) and then signed by Bill Clinton.

09-23-2008, 08:56 AM	#11
Alex . Join Date: Feb 2005 Posts: 13,354	So many people have been involved in so many things that can be blamed for our current situation that everybody will be able to easily filter out completely contradictory lists of people to blame. However, they were probably talking about Phil Gramm, who has certainly be in the middle of banking deregulation efforts for the last 30 years including the repeal of the Glass-Steagall Act of 1933, a Depression era bit of regulation that put up walls between banks, investment houses, and insurance companies. A strong argument could be made that it was the removal of this wall that allowed these three sub-sectors to get so intertwined that a 3% foreclosure rate brought them all to their knees. That said, while Gramm was a driving force, it was passed on a bipartisan basis (75% plus in favor in both houses) and then signed by Bill Clinton.
	Submit to Quotes