“The banking industry that is now building can collapse. The larger the regulatory apparatus permits it to grow, the more catastrophic the collapse will be.” -- Martin Mayer, Author
An excerpt from the below article from the January 1975 edition of Time Magazine:
Far more serious, in Mayer’s view, is that banking’s rush to expand could be setting the stage for a monumental disaster.
We have politicians of both parties to thank for the current disaster.
An excerpt from the below article from the January 1975 edition of Time Magazine:
Far more serious, in Mayer’s view, is that banking’s rush to expand could be setting the stage for a monumental disaster.We have politicians of both parties to thank for the current disaster.
1 comment:
Very informative. I didn't realize the current crisis had its roots going that far back. I assumed it was that law signed by Clinton in 1999 (pushed by Phil Gram, eliminating the firewall between banks and other industries) that laid the groundwork for the current meltdown.
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