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earnricfollowshare
7-18-2009 8:54 AM
5148 views
earnric says:
The US economy is far to beholden to financial markets and Wall street.

The problems started with deregulation under Reagan, and culminated with deregulation under Clinton (the Gramm-Leach-Biley act of 1999) -- allowing inv banks, ins. co's and comm banks to create 'whatever' new investment vehicles they wanted... all outside ANY government regulation.

We saw what happened: they gave mortgages to people who couldn't afford them, know that they could slice-n-dice 'em and sell them off before they went sour.

Now we, the taxpayer, are paying to keep these same institutions afloat.

I only hope for some sensible regulation.
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