Location: Pantego, Texas, United States

Thursday, April 15, 2010

Robert Reich lays the blame for the financial collapse of 2008 on repeal of the Glass-Stegall Act in 1999 while Clinton was President. Reich is a Democrat, but he doesn't always drink the Kool-Aid. I agree with him that repeal of Glass-Stegall was a mistake. But there were other mistakes, most made by Democrats. The government coercion of lenders to provide home mortgages to people who were unlikely to make the payments was a deliberate policy of the Democrats, though Bush made it worse when he extended the program to illegal aliens. The MSM doesn't tell the public that most of the Wall Street people they are currently vilifying are mostly Democrats, and that Wall Street firms historically gave most of their political contributions to Democrats rather than Republicans. It is easy to see why the Democrats eased Reich out of office and back into academia.


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