Submitted by Dave (not verified) on November 19, 2008 - 12:08am.
If it’s “socialism” than how do you explain the effects the Wall street crisis had on countries like the Socialist Republic of China that would have been much better off had the failure never happened?
Actually, I’d agree with that socialism accusation to the extent that “socialism” equates to “corporate welfare” because that’s what Gramm-Leach-Billey was. The act was aimed at deregulating the banking industry so that commercial/investment banking and insurance companies could consolidate. It was the interests of corporate lobbyists that drove the act, not the interests of low income borrowers and their advocates .
In other words, the act expanded the FINANCIAL SERVICES INDUSTRY into the monster that spawned the subprime crisis.
Do you mean "Trickle Down" Socialism?
If it’s “socialism” than how do you explain the effects the Wall street crisis had on countries like the Socialist Republic of China that would have been much better off had the failure never happened?
Actually, I’d agree with that socialism accusation to the extent that “socialism” equates to “corporate welfare” because that’s what Gramm-Leach-Billey was. The act was aimed at deregulating the banking industry so that commercial/investment banking and insurance companies could consolidate. It was the interests of corporate lobbyists that drove the act, not the interests of low income borrowers and their advocates .
In other words, the act expanded the FINANCIAL SERVICES INDUSTRY into the monster that spawned the subprime crisis.
It’s deregulation stupid (and Greed)!