Skip to main content

View Diary: Great Moments in Totally NOT Racism: Karl Rove to Donna Brazile "You owe me some Fried Chicken" (47 comments)

Comment Preferences

  •  The problem started with the repeal (2+ / 0-)
    Recommended by:
    Creosote, NonnyO

    of Glass-Steagall which allowed Wall Street firms to merge with banks.  The Dubya deregulation was just the cherry on the top.

    As soon as Glass Steagall was repealed, it was only a matter of time before a financial collapse.  There is a history of this about every 40 years.  It's the reason Glass Steagall was one of the most important pieces of legislation passed during the Depression.  Until it was repealled, banking and finance had been relatively stable.

    So it was the Clinton actions, repeal of Glass Steagall and other measures in the Commodities Futures Modernization Act, that directly led to the collapse.

    There already is class warfare in America. Unfortunately, the rich are winning.

    by Puddytat on Mon Mar 25, 2013 at 12:36:20 AM PDT

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site