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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