IndependntLogic
Senior Member
- Jul 14, 2011
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That took balls because the legislation that effectively neutralized it was the Republican introduced and passed Gramm-Leach-Bliley.
If Gramm Leach had not been passed, not one bank would have ever received a bailout. That doesn't mean we wouldn't have had any of our current problems but the fewer the better.
Now if the Repubs hadn't deregulated the banking industry and then securities industry, plus opened the loophole which allowed the credit-swaps instead of requiring Mortgage-Backed Securites to be eligible, we would have avoided the whole mess altogether. At least on the macro scale. There would still be thousands of adjustable, NINJA and 125% mortgages to deal with but that would be a small percantage of the debacle we're presently facing.
Oh and it wouldn't be a matter of reinstating Glass-Steagal, just repealing Gramm-Leach. Whatever the case, it shows some huge cajones for Gingrich to voice that! Wow! Kudos to Newto!
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