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Old 10-01-2008, 11:09 AM   #217
Bobblehead
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Quote:
Originally Posted by Shawnski View Post
Yes, that was the second nail.

Clinton overhauls depression era banking laws

This video gets a bit political in the end, but it runs down the situation.
Quote:
'The world changes, and Congress and the laws have to change with it,'' said Senator Phil Gramm of Texas, chairman of the Banking Committee and one of the bill's prime sponsors.
Phil Gramm, a staunch deregulation republican.
The Republican help the House and Senate for 6 of Clinton's 8 years. Republicans have also had the presidency since then and had control of both House and Senate for 4 of those years. They aren't angels in this.

(and I can't see the video, it is blocked for me at work. I'll watch it later)

Both parties were either active or complicit in the root causes that lead to this.
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