This is the question that everyone should be asking themselves about our current financial crisis:
I don’t get why we all (I’m including myself in this) thought it was okay to allow the creation and growth of gigantic financial companies for which we had absolutely no plan for winding down in case of trouble.Lest we forget, one of the key reasons why Shitibank was able to grow to become “Too Big To Fail” was the repeal of key portions of the Glass-Steagall Act pushed through by then-Senator Phil “Nation of Whiners” Gramm. Unless we remember our history, we’ll be doomed to repeat it.
Update: Keith Olbermann just did a phenomenal piece on this very subject and mapped out the history of Wall Street’s multibillion dollar lobbying effort to strip away as much meaningful regulation as possible.
Here’s the video:
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[Embiggen]
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(THE GRAPEVINE
