Monday, September 22, 2008

1999 deregulation magnified economic crisis

In 1999,Bill Clinton, a Democrat in the White house, and the Republicans on Capitol Hill repealed the The Glass Steagall Act. This made it possible for financial institutions to get involved in various types of activities. This "freedom" exposed our economy and the general public to more risk than they ever thought of. There were of course benefits such as more credit available to the average person, but the downside is immense. It's amazing that the same Left that was so powerless and out of the power loop for the past 2 decades. is now returning with incredible momemtum: the Obama candidacy, Democrats in Congress, more people supporting government regulation, etc. It just goes to show, you should determine what you believe and fight for it whether it is popular or not, because ultimately your time will come.

Craig Farmer
making the word "liberal" safe again!

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