[quote=Wickedheart]Basically none of this could have happened without the repeal of the Glass-Steagal Act which separated Commercial Banks from investment banking. So here’s my list:
1) Citibank who has spent the last 30 years trying to repeal the Glass-Steagal Act. In 1998 Citi was trying to merger with Travellers which was illegal under the Glass-Steagall Act. The merger was approved in 1998. Which was by the way illegal since the repeal of Glass-Steagal didn’t happen until Nov of 1999.
2) Senator Phil Gramm (R), the guy who just recently called americans a bunch of whiners. Actually Phil should be numero uno, considering his role in this mess.
3)Senators Leach and Biley (R)
The Gramm-Leach-Biley Act
All of the above were responsible for the repeal of the Glass-Steagall Act.
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WickedHeart,
Your post made me look further into the Glass-Steagall Act:
This appeared to be set up to avoid exactly what is happening with the economy. Eventhough I am no financial expert, it is astounding I have not heard of this in the mainstream media recently. Maybe we are still in damage control mode and now is not the time to ask “why?” I heard a good analogy on cnbc stating “don’t discipline the child right after they have run through a glass door. First make sure they are going to survive.”
