Obama has been blaming the recent economic crisis on the deregulation of the financial Markets which resulted from amendments to the Glass Steagal Act. He says this Republican deregulation got us in this mess.
Bill Clinton who as president signed the bill disagrees. Read all about it in the Wall Street Journal . He does not think the bill contributed to the problem at all.
It is also interesting to note that though the bill was introduced by Republican Senator Phil Gramm it was supported by Senators "Chuck Schumer, John Kerry, Chris Dodd, John Edwards, Dick Durbin, Tom Daschle -- oh, and Joe Biden. Mr. Schumer was especially fulsome in his endorsement".
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