on Mon May 14 17:38:47 2012, in response to Re: JP Morgan Chase Execs Vaporize $2B, posted by Stephen Bauman on Mon May 14 17:33:01 2012.
Glass-Steagall repeal (the Gramm-Leach Act) was signed by Clinton, yes, but it was written and sponsored by Republicans, Senator Phil Gramm and Rep. Jim Leach. Their argument was that modern technology could prevent the kind of chaos Glass-Steagall was enacted to safeguard against. Clinton, having been convinced that technology was the answer, signed the bill. We all later discovered that high-tech devices not only couldn't prevent financial crises, but, in fact, accelerated them...