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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Sunny Jim who wrote (92043)12/26/2008 5:33:30 PM
From: Moominoid  Read Replies (1) of 116555
 
I think it was a question of not understanding how all the parts work together. Any one deregulation step on its own might not be so bad. In this case many (or most?) other countries allow what Glass-Steagall didn't. So why did the US need it? But there may be other controls in their systems. For example, here in Australia banks can go after all the assets of mortgage defaulters and the default rate is rather low. Australians are surprised when I tell them about "non-recourse" debt.
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