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excerpt: Here's how to explain it. The Gramm-Leach-Bliley Act of 1999 was introduced by three Republicans, Gramm, Leach and Bliley. It repealed the wall that had been put up in the Great Depression. A wall that kept investment banks separate from commercial banks, separate from insurance firms and so on. When that wall got torn down we ended up with big hybrid complicated uber-financial everything companies that we couldn't have had before. That's how Citibank ended up eating Travelers Group Insurance to change from Citibank into Citigroup which just happened to be completely impossible to regulate.
Rachel Maddow Show: Deregulation for Dummies
Seeded on Sun Mar 22, 2009 12:58 PM EDT
Article Source: Crooks and Liars- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (5)
AIG wouldn't have become a big hybrid complicated uber-financial everything company if there hadn't been, and this is key, deregulation of Wall Street that allowed firms to get like that. And massive deregulation of Wall Street wouldn't have happened without the rise of a political movement that preached that regulation was inherntly evil and deregulation was inherently wise and virtuous and would make everyone rich and it would be free well behaved puppies for every family.
It is very important that we understand what part regulation played in some of the financial calamities like AIG in order to put safeguards in to prevent this type of thing from happening again.
- 4 votes
#1 - Sun Mar 22, 2009 1:04 PM EDTIt is very important that we understand what part regulation played in some of the financial calamities like AIG in order to put safeguards in to prevent this type of thing from happening again.
Works for me.
- 3 votes
#2 - Sun Mar 22, 2009 1:42 PM EDTgaryray, When we look at the effects of "The Gramm-Leach-Bliley Act of 1999" on the financial industry we can see why it became almost impossible to regulate this industry.
- 2 votes
Every thing that Madcow says is true and that is why we have nothing to worry about now that Obama is in office.
Just turn the channel, it does not hurt, I did and now I am free, mad and hell bent to really change things too!!!
All our elected official have sold US the American people out, This partisan mis-direction stuff will not work any longer.
Fire all the CONGRESS and SENATE. Fire them all! Rachel can keep her job but she has to pay 90% taxes for begin a Democratic SHill!
- 1 vote
#3 - Sun Mar 22, 2009 3:23 PM EDTPaul Lucero, You would probably be best served if you stopped watching anything Faux. You might want to stop listening to Spongerush Fatpants too.
- 2 votes
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