Politico‘s Ryan Grim says he used to work for the Marijuana Policy Project. He really should lay off the mind altering substances before he attempts to write about financial topics ever again. Grim has an article out today titled “Lawmakers regret deregulating” but the only deregulation Grim cites is “repealing the Glass-Steagall Act.” The Glass-Steagall Act did many things, including founding the Federal Deposit Insurance Company (FDIC). But the FDIC is still around today, so clearly the entirety of Glass-Steagall has not been repealed. Grim does mention a 1999 vote …
It has become an article of faith on the left that the 1999 Gramm-Leach-Bliley Act is to blame for the current crisis on Wall Street. Typical of the herd, George Polk Award winner Josh Marshall writes at Talking Points Memo: Let me get this straight. John McCain’s top economic advisor, former Sen. Phil Gramm, is the guy who authored the deregulation law that most agree is the ultimate cause of today’s financial meltdown. Click through if you wish, but do not expect any evidence to support the claim that “most …
