Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.
On September 9, 2009 while President Barack Obama was addressing congress, Rep. Joe Wilson yelled, “you lie” as the president discussed what was in or not in the healthcare reform bill. Wilson’s outburst can be heard in the video below. Joe Wilson, a congressional representative from the state of South Carolina, is a conservative who […]