As some1 smart once said, youre entitled to your own opinion, but not your own facts. FACT #1 about the financial collapse of 2008 and the current shitty economy is the banx going heavy with mortgage-backed security bundles, all caused by the repeal of the original Glass-Steagall, which was put in place after the DEPRESSION for Gods sake, so obviously there was a good reason for it to not be repealed. And repealed, BY BILL CLINTON, it was, and once that happened, banx which can never be allowed to be unregulated, couldnt resist putting $$$ down in the casino, via the mortgage-backed securities game. Its the repeal of Glass-Steagall that can be pointed to as the single most proximate cause of the collapse of 2008. The very least we can do is bring it back, altho at5 this point its closing the barn door after the horse has escaped. Still, it should never have been repealed, despite the best intentions of the LEFT WING, which insisted on the repeal as step 2 of the Community Reinvestment Act, running in close 2nd place as the biggest cause of the collapse of 08. More good intentions gone wrong, at the publics expense. Simply, theres no right to own a home, and no reason for a bank to gamble in securities. #bringbackglasssteagall
Posted on: Fri, 27 Jun 2014 10:33:33 +0000
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