[Mariner]

Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia), the co-sponsors of the Gramm–Leach–Bliley Act.

Overturned Glass-Steagall.

[driftless2]

"Overturned Glass-Steagall."

Yes, but G-S wasn't the origin of the crash. The Community Reinvestment Act passed under the Carter admin precipitated the whole thing. Banks and lending institutions were forced to create sub-prime loans.

All based on a lie...that lending institutions were deliberately discriminating against i.e. redlining minorities, chiefly blacks. No enforcement of the CRA under Slick Willy, no creation of sub-prime loans, no subsequent credit default swaps, and no crash in 2008.

[C. Edmund Wright]

If you think that’s the main cause, you’re an economic ignoramus..