Thursday, September 25, 2008

On "Financial Deregulation"

Most references to "financial deregulation" are about the effective repeal of the Glass-Steagall Act, which finally occurred in 1999.

What you don't hear:

[it] passed the House by a vote of 362-57 and the Senate by 90-8,

Gee. You mean there were only 57 Dimowits in the House, and 8 in the Senate that year?

Something else of interest:

Since the 1933 regulatory wall has collapsed as definitively as the Berlin Wall, all the giant financial conglomerates now face oversight and regulation by the Federal Reserve, the Securities and Exchange Commission, the Comptroller of the Currency and the Federal Deposit Insurance Corp

Yah. That's under-regulation, hey.

HT: RedState

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