Deregulation
Via Instapundit, surprisingly enough, EdCone reminds us deregulation isn't always good.
The Gramm-Leach-Bliley Act broke down barriers between commercial banks, investment banks, and insurers established by the Glass-Steagall Act of 1933.
Repealing key elements of Glass-Steagall was a bipartisan effort.
In testimony before Congress last year, Robert Kuttner explored links between deregulation of financial markets and the current deleveraging crisis, and suggested (among other things) "some restoration of the walls against conflicts of interest once provided by Glass Steagall."
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