It began with Reagan. And it continued, uninterrupted, until Bush II. While Presidents sometimes promoted the scams (Reagan and both Bushes, especially!) and some were basically owned by criminals like Charles Keating, it was Congress that did most of the "little things" that allowed out and out usury to become legal. And it was BOTH parties.
It is correct that the sweeping legislative steps were taken during the Clinton administration, but by that time, the changes had been developing for almost two decades.
Deregulation is fraud. It's just taking activity which is naturally predatory and criminal and legalizing it. What we learned is, the thieves are always looking for opportunity.
Giving the scams a party label is dishonest. While the Republicans led, too many from the other side of the aisle followed.
An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.
Bill Clinton
Clinton with the "Modernization Act of 1999"
For all those democrats who are blaming Bush it was actually Clinton who deregulated.
We know it was Slick and we know the Democrats told the banks to loan out money to people without down payments and those who lacked the proper earnings.
It was a concerted effort of all the dirty politicians in DC. It's called business as usual.
That would be Clinton.
clinton forced them to give risky loans...to everyones cheers.
Both parties, and with very strong support. Amazing how the Liberals can look up the votes and still point the finger. The media allows it!
