Post #24640 by Lapsody on the Alibaba board

Stocks A to Z / Stocks B / Alibaba (BABA)

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The Gramm-Leach-Bliley Act makes the most important legislative changes to the structure of the U.S. financial system since the 1930s. Financial services firms will be authorized to conduct a wide range of financial activities, allowing them freedom to innovate in the new economy. The Act repeals provisions of the Glass-Steagall Act that, since the Great Depression, have restricted affiliations between banks and securities firms. It also amends the Bank Holding Company Act to remove restrictions on affiliations between banks and insurance companies. It grants banks significant new authority to conduct most newly authorized activities through financial subsidiaries.

DOPE: How'd that work out for everybody? In looking this up I noticed a bunch of lib "fact check" sites trying to hand wave this one away (it had nothing to do with the collapse! nOThInG I tell you!) and other such BS

Isn't that the act passed by Republicans in the House and Senate that had enough votes to override a veto so Clinton signed it? So are you doing the normal slight of hand to blame it on Clinton? The housing crisis was also aided by Greenspan's ideology - remember when he lectured Congress that banker CEOs were all professionals? All the Economists were spouting Hayek until the GFC hit, then were spouting Keynes.

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