Monday, February 13, 2012
A Pox Up Both Their Poop-Shoots
The Gramm-Leach-Bliley Act passed 90-8 in the Senate and was signed into law by a Democratic President. The Commodity Futures Modernization Act (considered by many economists to be the far more deleterious of the two pieces of legislation) passed 292-60 (50 Republicans and 10 Democrats) in the House and by unanimous consent in the Senate and was also signed into law by a Democratic President. Ergo, folks, even if you've committed yourself fully to the deregulation argument pertaining to what in fact caused the financial crisis, the reality remains the inconvenient same; i.e., that the financial meltdown of 2008 was a completely and totally BIPARTISAN fiasco. I mean, I'm sorry about it and all, but it is what it is.