ILLUSTRATION: Christoph Niemann
And here is another roll call on Sen Gramm's bill for deregulation, or as he calls it "Act to enhance competition in the financial services industry."
(The Community Reinvestment Act was in effect for 30 years without causing any problems whatsoever. It was not until mortgage brokers, realizing how much money could be made by making home loans, bundling and selling them, and avoiding the risk of holding them, began making loans to anyone with a pulse and even to some without one.)
This idea of faulting the CRA originated in the anti-regulation wing of the far right, and the goal is to blame government intervention for the current economic meltdown, and to score political points by blaming Democrats.
Is more, or less regulation needed on Wall St.? In the long run it won’t matter what the American public is thinks about this. Wall St. will need stronger regulations if the rest of the world is going to trust our financial products enough to buy them. (Is this free-market capitalism at work?) More info on the wonders of deregulation here.
| The Daily Show With Jon Stewart | M - Th 11p / 10c | |||
| Elizabeth Warren Pt. 2 | ||||
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