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- #21
Did you imagine some portion of your post proved that Glass-Steagall would have prevented the crisis?
Cc:OddBall
& California Girl;
ToddsterPatriot, Im a proponent of the Glass-Steagall Act but I do not believe it would have prevented the crisis.
I should have highlighted my opposition to the GSEs handling non-federally insured mortgages. Those mortgages were a significant portion (if not the majority) of GSE Handled mortgage amounts that were and/or are under water.
Those under collateralized mortgages were and are the crux of our economic problems.
Later a Democratic majority congress which included significant numbers of agreeing Republicans passed an act enabling GSEs to handle non-federally insured mortgages. President Nixon signed that bill and thus he, (more than any other individual) permitted that bill to become federal law.
Respectfully, Supposn