“Tell us, Lefty, how is it – exactly – that Glass Stegall “gave us our current depression”? Especially when you consider that NONE of the troubled investment firms – i.e., Goldman Sachs, Bear Stearns, Merril Lynch, Morgan Stanley, Lehman Brothers – that precipitated the credit/financial crisis were IN ANY WAY affected by the repeal of Glass-Steagall.”
No, not #2 rxastar (My money’s on #2)
The Gramm-Leach-Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999 WAS the mechanism that Goldman Sachs, Bear Stearns, Merril Lynch, Morgan Stanley, Lehman Brothers ALL used to invest heavily in mortgage securities. The firewall that Glass-Stegall created between banking, securities and insurance was broken down by Phil Gramm’s masterpiece (uh, who does he woek for now? -Any ideas, righty?)
