What are the specific instances of de-regulation that caused the financial collapse?

people keep arguing on who's blame, republicans or democrats, regulation or de-regulation?

did research on all:

glass-steagall act created in 1930’s prevent great depression ever happening again separating regular banks (retail banks) investment institutions “firewall” , illegalizing credit-swaps had created massive losses investment firms caught in crash (because unregulated gambling side-bet “insurance claims” had no guarantees of money them up). glass-steagall act kept wallstreet risks harming , affecting regular banks (retail banks), , kept wallstreet protected massive losses of gambling credit-swaps.

happened?

bills repeal 1933 glass-steagall act introduced u.s. senate phil gramm (r-texas) , in u.s. house of representatives jim leach (r-iowa). bills >opposed majority of democrats<, after re-writing passed gramm-leach-bliley act signed bill clinton. act tore down glass-steagall’s firewall of protection between investment firms , regular banks, allowing systems reintegrate.

who’s blame?

gramm-leach-bliley act: bill gutted 1933 glass-steagall act’s separation of banks vs. investment firms.

courtesy of phil gramm (r-texas), jim leach (r-iowa), , thomas j. bliley, jr. (r-virginia).

added insult injury?

several of exact same people of gramm-leach-bliley act (which gutted glass-steagall’s banking firewall) initiated “commodity futures modernization act of 2000” , set financial house of cards. act allowed credit-swaps (outlawed glass-steagall) come play. people once again “buy cheap insurance bets” “covered” losses on stocks. but, credit-swaps weren’t governed insurance laws guarantee money paid out exists , safely tucked away. firms tangled them got caught either paying out of pocket investors or losing money bought them with. make more ugly lot of loans connected them involved.

who’s blame… again?

h.r. 4541: commodity futures modernization act of 2000
sponsor: rep. thomas ewing (rep.). cosponsors, rep. bill barrett (rep.), saxby chambliss (rep.), gilbert gutknecht (rep.).

(only 4 people said “no”: ron paul (rep.), peter defazio (dem.), gene taylor (dem.), , nick smith, nick (rep.)

bill went senate bill s.2697…

s.2697
title: “a bill reauthorize , amend commodity exchange act promote legal certainty, enhance competition, , reduce systemic risk in markets futures , over-the-counter derivatives, , other purposes”...

sponsor: sen lugar, richard g. (r-in). cosponsors: sen fitzgerald, peter (r-il), , sen gramm, phil (r-tx)

, of course passed bush’s stamp of approval.

meanwhile people’s mortgages being re-packaged “mortgage securities” stocks investors buy. lot’s of investors made “side bets” buying credit-swaps insurance in case mortgage securities went sour home owner foreclosures…

market went sour, mortgage securities tanked, credit-swap “insurance” had paid, , people paying losses…

little side note:

phil gramm vice-chairman of ubs investment bank, >a financial services company based in switzerland<. gramm's wife, wendy lee gramm, on board of directors of enron when famously collapsed. co-chair of john mccain’s presidential campaign , senior economic adviser until saying nation of “whiners”…

handful of republicans, democrats jumped on board , played along.

were there specific bills? specific laws?

check out article argues regulation contributed more mess de-regulation (and cites acutal occurrences well).

http://www.deseretnews.com/article/1,514...

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