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Politics : American Presidential Politics and foreign affairs
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To: Steve Lokness who wrote (33497)3/2/2009 11:01:49 AM
From: Peter Dierks  Read Replies (2) of 71588
 
The causes of the current problem are many. Too much government regulation is part of the problem (CRA pushing for increased bad loans). Not enough government regulation is part of the problem (refusal to regulate the GSAs). Greed is part of the problem (Excessive pay, campaign contributions, etc.)

One additional issue that is seldom mentioned is the elimination of the 1930's era separation between Fincancial Banks and Securities Banks. During the 1990's that prohibition was eliminated this allowed banks to merge with wall street. The SEC had wisely known that a wall street crash and banking collapse would automatically domino from one to the other if the institutions were kept apart.

That this meltdown happened so near the end of the Bush term, makes the argument even more interesting.

Are you suggesting that financial effects are instantaneous?

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The problem is not going to be solved by bigger government.
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