The actual offending cancerous legislation that kicked off the move toward extra reckless lending did involve then-Rep. Fernand St. Germain, a Rhode Island Democrat. But the problem legislation was the Depository Institutions Deregulation and Monetary Control Act of March 31, 1980. It's important to note that the law was enacted nearly a year before Reagan took office.
MSN Money
Wow, a journalist who has enough intelligence not to blame Reagan for the current culture that led to our economic downturn. That's right, the law that some economists believe helped create out current situation was introduced by a Democrat and signed by a Democrat. But God forbid the mainstream media ever report something so damaging to their beloved party. The article goes one to say...
Deregulation didn't cause this disaster. Incompetence and greed did. The implication from Krugman's article, that regulation or re-regulation would solve the problem, is nonsense. What must happen is for people in positions of regulatory authority to do their jobs.
Wow, I think Bill Fleckenstein might be my new favorite journalist in the financial sector.
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