David Stockman, Ex-Reagan Budget Director: George W. Bush's Policies Bankrupt The Country

Yes I did read it, and yes, the article I provided was composed at the Ayn Rand Center.....not exactly a safe haven for liberal voices. Look, you are trying to imply that because one rule was changed, the result of everything that ensued belongs squarely on the shoulders of those who enacted the legislation and it simply isn't the case. In fact, that's a naive position to take. That's like saying that since Senator X voted for a war declaration that he is directly responsible for troops in the field committing war crimes; it just doesn't hold water. Let's face it, the glass-steagall thing is another excuse that republicans concocted to try and deflect the blame of starting two unfunded wars, passing out lavish tax cuts that were not paid for and vastly expanding medicare. They have to blame it on something so they go back and look for something, anything.....oh, I know! Glass Steagall is the reason for all these troubles......not our reckless spending and foolish foreign policy decisions. give me a freaking break dude....

 

I think it was a factor in how bad it was. Certainly not the cause, but a factor. I also think many high ranking Dems for get they supported much of the "actions" that got us here. Including H Clinton.

 

I will grant you this, Pride. Many things factor into such a crisis but I stop short of saying that the repeal of Glass Steagall was the cause of the financial crisis. A lot of water passed under the bridge from when it was repealed until the collapse in 2008.

 

Whoa there. We are not talking about the same thing. I am talking about the economic crash and you are talking about the massive federal debt. The govt hasn't cared about the national debt since Regan took office.

As far as the economic crash of 2007, once the gates were opened greed and insanity ensued. It happened one other time, in the early 20th century. That is why Glass Steagall was put in place to begin with and it should not have been repealed by the President all but 8 people in the Senate.

 

it took a lot of water to wash the bridge out. This was no small crash.

 

The repeal of Glass Steagall directly impacted the financial crash. It shouldn't have happened, Clinton signed off on it. He fucked up.