Quote:http://www.washingtonpost.com/business/w...ory_1.html


 

Lot of good information in there. Interesting to note it was a combination of regulation and deregulation that aided the banks in their wealth gathering.

 

●Glass-Steagall legislation, which kept Wall Street and Main Street banks walled off from each other, was repealed in 1998. This allowed FDIC-insured banks, whose deposits were guaranteed by the government, to engage in highly risky business. It also allowed the banks to bulk up, becoming bigger, more complex and unwieldy.

---