Link:Off all the most bizarre statements running around about this crisis, the most bizarre is the shockingly common belief on the left that this can somehow be traced back to the Gramm-Leach-Bliley act, which "repealed" Glass-Steagall. (The equivalent, not-quite-as-loony belief...
The repeal of Glass Steagall itself did not cause the financial crisis. However, the repeal did help make the crisis worse. I bring this up because there has been a series of straw man articles claiming Glass Steagall was not a caus... Read Post
Phil Gramm, the former Republican Senator from Texas who co-wrote the act that undid Glass-Steagall, has our DQotD: > “I’ve never seen any evidence to substantiate any claim that this current financial crisis had anything to do with... Read Post