Mark Karlin @ Buzzflash - The repeal of the Glass-Steagall Act in Bill Clinton's second term has become symbolic of the sharp neoliberal economic turn that made DC Republicans and Democrats fairly indistinguishable on the financial front, with both parties trumpeting laissez faire policies in relation to Wall Street. By the beginning of the new century, both parties supported the practice of unleashing Wall Street to engage in rash risk-taking, with very little accountability.
Even though the near implosion of the US economy in 2008 has come and gone, the negative impact of the jettisoning of the Glass-Steagall Act can be seen in the ongoing revelations about Wall Street misbehavior. This includes everything from manipulating the financial currency market, to laundering drug money, to helping wealthy individuals avoid paying taxes and more. Read more.