HappySqurriel said:
The deregulation that was most directly related to the current financial crysis was the Glass-Steagall Act of 1933 which happened in 1999, and was agreed upon by both Bill Clinton and the Republican controlled congress. In other words, if you want to blame deregulation both parties would be guilty ...
Edit: I personally don't believe that deregulation was the only factor leading to this situation ... The deregulation of the financial system would have not been all that bad if the banks underwriting principles didn't change; unfortunately, the combination of greed in wallstreet and changes in mortgage law pushed forward by Bill Clinton meant that people who could not pay back mortgages were able to receive them. When you combine these factors with the Federal Reserve's insanely low interest rates disaster was going to strike. |
Not just deregulation, but flat out greed. These clowns had no accountabilitiy - and honestly, McCain praises Fiorina - Carleton - who left HP with $42M after slashing 7,000 jobs at HP. And he praised her for it.
I do think the seeds were planted by Clinton, but the Bush admin throttled things along.
Excellent points, btw. Not just rambling proganda, but well thought out statements. Bravo.
