This is GREAT news.
Sorry guys, I disagree with you. A big part of the financial crisis has been caused the “derivatives” or bets against America, especially the mortgage sector, made by the financiers, especially AIG, and others that followed their lead. One of the reasons the banks can’t/won’t lend is that they have these “bets” still hanging over their heads that could be called due. We can’t call this “insurance” because insurance is a highly regulated industry, for good reason. But insurance it was, with nothing required to make sure you could make good on what your were insuring. Financiers bought the bad loans on purpose, knowing they were bad, and immediately put this now legal “insurance” on them. Banks gave the insurance for the premiums, but didn’t have the money to really insure them. This never should have been made legal.
This was made legal when Glass-Steagall was repealed by Bill Clinton. Ayn Rand be d***ed. This was a good law and needs to be reinstated. Or, shall we “deregulate” insurance too? You might not like the results when your home burns down.
Oh, wait! Our house did burn down, didn’t it.
I don’t get it -— it was repealed by Bill Clinton and the first dozen or so posters to this thread are angry about it being RE-enacted????
Though Clinton signed it, the Gramm-Leach-Bliley Act of 1999 (all three Republicans) was passed by the Republican controlled Congress.
There is plenty of blame to go around.