Quote:
Originally Posted by dc_dux
ace...you are completely ignoring the significant banking deregulation of the 90s - the Financial Services Modernization Act, which tore down the wall between banks, securities companies and insurance companies....and in the view of many economists, was largely responsible for the current state of the banking and investment communities.
I could continue but those get it, got it already and to those who don't it wont make a difference.
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I don't ignore the legislation, I just want to look at the issue in more detail. On the surface, even the implication of the way people summarize the legislation is misleading - there were regulatory changes, but the implication that the industry was deregulated is misleading. When people say that legislation has lead to our current crisis, I am interested in knowing what specifically contributed. It is certainly easy to say - oh, it was banking deregulation..., but is that it?