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What Caused the Financial Meltdown?
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<blockquote data-quote="Catatonic" data-source="post: 401957" data-attributes="member: 7966"><p>It was Clinton that signed the legislation that repealed the Glass-Steagall Act which was passed by the Republican Congress in 1999. This was after $300,000,000 of lobbying by the banking industry. The legislation overturned the Glass-Steagall Act put into effect in 1933 after the 1929 Wall St. collapse. Paul Volcker warned that overturning Glass-Stegall would lead to a collapse similar to 1929. Very prophetic!</p><p> </p><p>Paul Volcker's vision and actions under Carter and Reagan continue to be viewed, in hindsight, as very prudent and I think history will have a decreased respect for Alan Greenspan as he continually argued the Glass-Steagall was too restrictive and eventually his arguments lead to the overturning of the Glass-Steagall Act.</p><p> </p><p>Greenspan is a major-league bull<img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /><img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /><img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /><img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" />ter and it will be interesting to see how he spins this to create the illusion that he did not support the 1999 repeal.</p><p> </p><p>Decent history at a high level of the Glass-Stegall Act and it's demise and final repeal.</p><p><a href="http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html" target="_blank">http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html</a></p></blockquote><p></p>
[QUOTE="Catatonic, post: 401957, member: 7966"] It was Clinton that signed the legislation that repealed the Glass-Steagall Act which was passed by the Republican Congress in 1999. This was after $300,000,000 of lobbying by the banking industry. The legislation overturned the Glass-Steagall Act put into effect in 1933 after the 1929 Wall St. collapse. Paul Volcker warned that overturning Glass-Stegall would lead to a collapse similar to 1929. Very prophetic! Paul Volcker's vision and actions under Carter and Reagan continue to be viewed, in hindsight, as very prudent and I think history will have a decreased respect for Alan Greenspan as he continually argued the Glass-Steagall was too restrictive and eventually his arguments lead to the overturning of the Glass-Steagall Act. Greenspan is a major-league bull:censored::censored::censored::censored:ter and it will be interesting to see how he spins this to create the illusion that he did not support the 1999 repeal. Decent history at a high level of the Glass-Stegall Act and it's demise and final repeal. [URL]http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html[/URL] [/QUOTE]
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