BS.
Graham, Bliley, Leach did most of the damage and Frank and his idiots came in late.
Are you still in your occupy tent?
The Gramm–Leach–Bliley Act was political payola from Clinton to Citibank. It's kind of sleazy -it was definitely driven by kickbacks, Barney Frank voted in favor.
GLB is dogma for Shitters. Much of the reason the Shitter movement adopted GLB as the smokescreen for the 2008 crash, is that it directs the stupid away from paying attention to CRA.
What Shitters don't know (and don't care about) is this;
{Crucial to the passing of this Act was an amendment made to the GLB, stating that no merger may go ahead if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent CRA exam"}
Gramm
GLB was designed to promote CRA. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act.
CRA and GLB are two peas in the same rotten pod. It's humorous to watch the Shitters recite their ThinkProgress mantra, thinking that by attacking GLB they justify CRA as blameless.
Most of the damage done to the real estate market was the fault of individuals.
Sure, the legislation bought for by the home building lobby was often bad and Frank was chin deep in it but how many Americans were held down, threatened and forced to sign loan documents?
Most of the damage done by drugs is the fault of junkies. Still, rational people look to the pushers
Clinton, Bush and now Obama, tell people that it's the "right" of every American to own a home. Banks offered "liars loans" with ARM's that had interest only payments for 5 years at a reduced introductory rate - people were enticed to get into situations they couldn't afford.
Yep, the addict pushes the needle in, but they had LOTS of help.
Personal accountability is sold out for political gain based ON RANK EXCUSES.
The individual was at fault and all of us also as we all elected these kooks, be they Republican or Democrat.
Most people aren't all that smart, that's why Obama was elected. The system of the 90's and 2000's was designed to attract consumers, in fact, those who didn't buy a home were made to feel stupid.