Democratic (socialist/fascist) de facto President Clinton, Esq., signs the Gramm-Leach-Bliley Financial Services Modernization Act, expanding the requirements of the Community Reinvestment Act to include investment banks (which take greater risks) as well as commercial banks (which are more cautious in their lending). Being subject to CRA regulations IBs will not have to lend to riskier mortgage borrows than they otherwise would in a free-market.
NOTES:
- While the editors see the repeal of Glass-Steagall as a step in the correct, they also see continued regulation of other aspects of finance as counterproductive and distorting.
- As an attorney (Officer of the Court) Clinton was ineligible to serve in two branches of government at the same time, according to Article I, Section 6 [Clause 2].
[added 5/10/2023] Thanks to Chuck McGlawn for this entry.
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Financial crisis of 2007-2009 – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932009
Gramm-Leach-Bliley Act – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
Late-2000s recession – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Late-2000s_recession
A History of the Panic of 2008
www.freedomworks.org/uploads/crisis.pdf
Timeline of the United States housing bubble – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble
Subprime crisis impact timeline – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subprime_crisis_impact_timeline