Politics & Government

September 15, 2008

Wall Street crisis is culmination of 28 years of deregulation

The 1933 Glass-Steagall Act mandated the separation of banks, insurance companies and securities firms after the banking collpase that ushered in the Great Depression. But those restrictions were undone during 28 years of conservative economic rule that began with Ronald Reagan and found its boldest statement in 1999, when President Clinton signed the Financial Services Modernization Act, which tore down the walls separating banks, securities firms and insurers.

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