Wednesday, May 6, 2009

Prophets of financial doom

One of the causes of our current financial catastrophe is banks who were speculating in the stock market, and in the insurance industry. This was made possible by the repeal of the Glass-Steagal act in 1999.

What's astonishing if you read the newspaper article about that 1999 law passing, is how right the doomsayers were. They predicted that by 2010, there'd be a massive financial collapse which would draw comparisons to the Great Depression.

It makes me feel strongly that we need more government regulation on all sorts of fronts, despite what the lunatic fringe that calls itself the Republican party might say.

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