Deregulation the problem

Here is a partial list on how we got into our current financial state:

The Republicans, led by Phil Gramm, gutted the Glass-Steagall Act, which was put into place during the Great Depression to stop the investment banks from causing another one.

Phil and his Enron wife, Wendy, then led the Republicans into deregulating the commodities future market, which let the investment banks become those speculators you hear about that are driving up your fuel prices.

They also pushed the Commodities Futures Modernization Act, which deregulated derivatives and allowed investment banks to bundle subprime mortgages alongside good mortgages, which combined with deregulated mortgage standards have led to the housing market’s collapse and our current recession.

How’s that deregulation working for you? Unfortunately, this is only a partial list.

Howard Danielson

Spokane