
Originally Posted by
Blue Doggy
Yes sir you are right as I just looked it up. Yet the fact remains, and this is very important to me, the 3 men who introduced this bill, were.....REPUBLICANS. Dems argued it would allow "too big to fail" banks to come into existence. I will therefore maintain that these deregs were a republican wish, and then the politics fired up, and the rest is history. But of course deregs started arising in 1980, and the 80s saw the accelleration of deregs, once the repubs had finally gained some voice back. I do not think this is coincidental, but will agree that enough of the dems jumped on board, which is completely against their ideology from a decade prior. Such a change! And this led up to the crash, helped along by the bill in 1980 I think when lending requirements were lowered so riskier loans could be given to those that were marginal in affording such loans for homes. Banks loved it, and pushed for it as it meant they could charge higher rates, and hence increase their profits, which would later crash our economy. There wasn't just one dereg that led up to where we are today, but several.
The big question for me is, IF the repubs had not returned to power, would we have gotten the deregs that the banks pushed for so they could make more profits, in exchange for a less sound system? I think not. I think the pro business, anti regulation repubs played a key role in where we are today. Afterall, I never saw such changes until that occurred. Am I wrong?
Regardless I am fed up with the power of greed given free rein in DC that ends up destroying our middle class, which by the way many cons here think should have never existed from the factory work that supplied our consumption based economy with goods that drove our middle class creation.
I look at it rather simply, which is not invalid. The change in whom was in power and influence in DC, changed this nation, and it has been a change that has enriched the top as the demise of the middle and bottom. That is clear, and there are no coincidences here, as coincidences are very rare entities.
Bookmarks