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tonycarolina · 4467 days ago · link · · parent · post: Differences in conservative and liberal brains
Glass Steagall is not talked about in most circles. Its my understanding that the act had been in place since the mid 1930's. The fact that it was repealed by the Clinton administration has always baffled me. Allowing comercial banks to get in cahoots with investment houses, according to some experts my be the catalyst for a financial disaster like we have never seen. You can bundle up a few thousand mortgages and sell them as an investment product, to lets say an investor in china. Now you have some poor sap in Springfield IL who's mortgage is owned by a chinese investment firm.