These days, as the vortex of the subprime scam threatens to swallow market after market, references to the Great Depression are becoming increasingly commonplace:
You have to go back to the banking crisis of the Great Depression to find a moment when the financial system as a whole seemed so close to the precipice.
There was another reference no so long ago to the Great Depression:
WASHINGTON (CNN) -- The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate. . . .
Congress passed the bipartisan measure November 5 [1999], opening the way for a blossoming of financial "supermarkets" selling loans, investments and insurance. Proponents had pushed the legislation in Congress for two decades, and Wall Street and the banking and insurance industries had poured millions of dollars into lobbying for it in the past few years.
Clinton signs banking overhaul measure - CNN
Deregulation paved the way for the creative packaging of risky loans into financial instruments that are the cause of the subprime mess.
Blame Bush for the economy if you want, but it wasn't his signature on that bill. Still want a Clinton in the White House?
Recent comments
11 weeks 3 days ago
17 weeks 5 days ago
17 weeks 6 days ago
18 weeks 2 days ago
18 weeks 2 days ago