ML-Implode News - Repeal of Glass-Steagall: Not a cause, but a multiplier

``The repeal of Glass-Steagall may not have caused the crisis -- but its repeal was a factor that made it much worse. And it was a continuum of the radical deregulation movement. This philosophy incorrectly held that banks could regulate themselves, that government had no place in overseeing finance and that the free market works best when left alone. This belief system manifested itself in damaging ways, including eliminating regulation and oversight on derivatives, allowing exemptions for excess leverage rules for a handful of players and creating dangerous legislation.''

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Repeal of Glass-Steagall: Not a cause, but a multiplier