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But, let's do remember that the kickoff to this round of truly irresponsible de-regulation was the repeal of Glass-Steagall by Clinton. Further, we witnessed your favourite miracle working saviour show up on camera even before being sworn in with the same economic advisory team the Goldman Sucks ran BushII with. Obama has had 5 years to actually DO something, but all we have seen is more Reagan-size tax and spend idiocy - not to mention the Wall Street bailouts of rewarding his masters for their treachery and incompetence - that has run the debt of the nation through the roof.
Heck, if I was a RRR strategist, I would WANT the PCLL to put their sacrificial lamb back in office to take the fall. IMHO, that is why they ran such totally inappropriate candidates for the last two elections (I mean, have you forgotten Sarah already?????)
You are referring to the Gramm-Leach-Bliley Act:
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government."
Gramm
You'll get no argument from me that many of the conservative Democrats went along with the GOP, but the way I see it is the liberal Democrats are the only ones in Congress that have spoke out against it. Its still the same today, its only a group of Democrats that have proposed reestablishing the separation of commercial banks and investment banks once provided under Glass-Stegall. Full Text of H.R. 1489: Return to Prudent Banking Act of 2011 - GovTrack.us
We just need more liberal Democrats in Congress!