Matt1970
Lifer
Your internal avoidance mechanisms are either beyond your control or you're deliberately obtuse. You claim that the Repeal of Glass Steagal is what caused the whole mess, and even Repub intellectuals say that's wrong. But you still believe it's true, because it's convenient for you to do so, bolstering your defective worldview.
You could answer the question I posed to incorruptible, but you won't, of course, at least not in an honest way. When you're dishonest with yourself, you're incapable of being honest with others, but that doesn't seem to bother you at all.
You'll cling to any conspiracy theory distraction served up by your idols, like this whole charade over the incident at Benghazi. It helps you avoid the truth, helps you avoid looking at your most cherished beliefs in anything other than a cursory fashion.
I am tired of educating you and I haven't avoided Jack Shit. Take your blinders off and start looking at facts, not just facts that support your cause. Yes Bush has his share of blame but you constantly shoulder the entire event on him. There was a lot of shit in place well before he took office that took a lot larger share of the blame.
Many believe that the Act directly helped cause the 2007 subprime mortgage financial crisis. President Barack Obama has stated that GLB led to deregulation that, among other things, allowed for the creation of giant financial supermarkets that could own investment banks, commercial banks and insurance firms, something banned since the Great Depression. Its passage, critics also say, cleared the way for companies that were too big and intertwined to fail.[22] Economists Robert Ekelund and Mark Thornton have also criticized the Act as contributing to the crisis. They state that "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, but under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly."[23]
Nobel Prize-winning economist Joseph Stiglitz has also argued that the Act helped to create the crisis.[24] In an article in The Nation, Mark Sumner asserted that the GrammLeachBliley Act was responsible for the creation of entities that took on more risk due to their being considered too big to fail."[25] Other critics also assert that proponents and defenders of the Act espouse a form of "eliteconomics" that has, with the passage of the Act, directly precipitated the current economic recession while at the same time shifting the burden of belt-tightening measures onto the lower- and middle-income classes.[