TED Talk - Nick Hanauer on Job Creation

[Kasz216]

richardhutnik said:

Kasz216 said:

easyrider said:

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No.  They were moderate moves.  Done by moderates.

You say regulation was a major reason for the crash... but don't even attempt to articulate WHY you think that way.  Unfair or not it gives teh apperance that you can't articulate why you think that way and that you have no reasoning for doing so.

Ask most liberal leaning economists and they'll tell you the crash was caused by bad loans and derivatives that packaged them.

Glass-Stegal had NOTHING to do with derivatives.

Glass-Stegal opened up the housing market to that area.  The combination of cheap money pouring into an unregulated environment, combined with the pricing model going bad because of a giant group think powered by greed, led to nasty overleveraging.  If Glass-Stegal was still in effect, the bubble wouldn't of happened there.

One can point out this and that and say it is the problem.  There is enough for a pro-Republican, or conservative, side to end up arguing it was all the government.   And there is enough for the liberal side to argue it wasn't enough government.  The reality is that was a perfect storm of all of the above.

Glass-Stegal, by which i'm assuming you mean it's repeal opneed up the housing market to... what area?

It allowed financial and commercial banks to merge... however, it's worth noting that commercial banks could already offer financial services before Glass-Stegal was passed.

The only things Gramm-Leach-Bliley changed was it allowed the merging of big already established banks, and insurance underwriting... which the big banks rarely do themselves anwyay.