Quote:
Originally Posted by tony404
do you have news links for that, I would like to read more. News sources not pundits.
|
Wait I found it : Glass-Steagall worked quite effectively until it was repealed during the Clinton administration (1999) as part of a larger initiative set forth in the Gramm-Leach-Bliley Act (Financial Services Modernization Act), which broadened the reach of banking institutions and allowed them to offer a smorgasbord of services to customers, including investment services, affiliations with securities firms, creation of bank ?holding companies? which created the appearance of separation between their various ventures despite the umbrella protection it provided, allowed for less regulation of foreign investment, and repealed regulations governing bank behavior.
Simply put, Gramm-Leach-Bliley removed many consumer protections and opened the door for many consumer traps.
found a article on it
http://query.nytimes.com/gst/fullpag...C0A96F9582 60
It was lead by Phil Gramm republican the same one who now works for a bank. Hmmm. No liberals created this one.