1. 3


    The Wall Street Journal celebrated the agreement to end such restrictions with an editorial declaring that the banks had been unfairly scapegoated for the Great Depression. The headline of one Journal article detailing the impact of the proposed law declared, “Finally, 1929 Begins to Fade.”


    And there is a much more recent experience than 1929 to serve as a cautionary tale. A financial deregulation bill was passed in the early 1980s under the Reagan administration, lifting many restrictions on the activities of savings and loan associations, which had previously been limited primarily to the home-loan market. The result was an orgy of speculation, profiteering and outright plundering of assets, culminating in collapse and the biggest financial bailout in US history, costing the federal government more than $500 billion. The repetition of such events in the much larger banking and securities markets would be beyond the scope of any federal bailout.

    Gaan ze het ooit leren?

    Nee, want de winsten liggen in het belazeren van de massa kleintjes.
    De vraag is: kunnen we nog wat?

  2. 8

    Over S&L zou het laatste woord nog niet gesproken moeten zijn.

    “If the People knew what we have done, they would chase us down the street and we would be hanged.”

    George H.W. Bush