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To: The Duke of URL© who wrote (2526)	2/7/2003 5:37:40 PM
From: TimF	Respond to of 4345

OK.....

To: The Duke of URL© who wrote (2526)	2/7/2003 9:40:24 PM
From: MeDroogies	Read Replies (3) \| Respond to of 4345

I don't deny that political backroom shenanigans had something to do with passage. But hating Clinton over something like this is really a tremendous oversimplification. Not to mention that while removing Glass Steagall was a tremendous factor in driving the bubble and its subsequent deflation, there are a host of other factors. In addition, Glass Steagall wasn't passed to prevent a future depression, but to avoid having a situation where banks, carrying the funds from individual savings, would be exposed to the downside of heavy leverage from the investment side of the business. Basically, it was a means of avoiding something akin to taking out a mortgage on the house to pay for a bet on the Super Bowl. This situation, while it was an important factor in the depression, was not the sole cause. In fact, financial panics of this nature occurred a host of times prior to 1929-1931 and never resulted in a depression. Just a bit of clarification, sorry.