In 1999 Clinton signed the Financial Services Modernization Act, removing the walls separating the activities of banks, insurance companies, and securities firms that the 1933 Glass-Steagall Act provided. Everyone screwed up. No regs? Dumb. Yes?
by 
RosieGHM Jetpacker
ANSWERS: 3
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It really puzzles me that this isn't something being discussed more on AB, by other American citizens. The financial situation gets more and more grim, and no one seems to care. I really worry about the future.
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VERY dumb. Yes. And have you noticed that the media is keeping this a state secret? I wonder just how far this mess spreads...?
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As with most federal government plans, they had good intentions, but as the saying goes, "the road to hell is paved with good intentions". The Constitution does not give the government the right to interfer in private businesses the way that it did, so by passing the Financial Services Act, the Federal Government was breaking the law. They wanted to encourage economic growth by getting more people to be home owners, and it worked for a short period of time. This should be further proof to all Americans that the government is not the solution to the problem, government is the problem. And I think that everyone should vote out any of their congressmen and representatives who were part of the Senate and Congress who allowed this to happen, no matter what their party is.
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