Quote:
Originally Posted by mookiemookie
It was the idea of radical de-regulation and the insane idea that corporations could self regulate themselves that helped cause the collapse.
- Investment banks lobbied the SEC to get rid of leverage rules. The government agreed. Many levered themselves out of business.
- The Fed did not do it's duty in enforcing underwriting rules for banks. They let the industry self regulate itself. The industry self-regulated itself over a cliff.
- Glass Steagall was repealed, allowing for Wall Street and Main Street banks to become one. They self regulated themselves into becoming too big to fail.
And now Republican senator Darrell Issa of California has sent letters to more than 150 companies, trade groups and research organizations asking them to identify federal regulations that they wanted to see repealed or rewritten.
They just don't learn. |
Except that deregulation happened long before that, during Reagans presidency. The result was the fat years of the Clinton presidency which you Dems love to take credit for. Well you can't have it both ways mookie. If deregulation is all that bad then why does it still exist in spite of many Dem opportunities to change it over the past two decades?
Instead of accusing the GoP of partisanship maybe you guys ought to look at your own partisan spending tendencies that are driving Democrat controlled states like California to financial ruin.
Oh and BTW Glass Segall was repealed by a bi-partisan 343–86 vote in the HoR.