Sheldon Richman Revisits The Housing-Financial Meltdown

Credit: celesteh-Foter-CC-BYCredit: celesteh-Foter-CC-BYFive years after the housing and financial
meltdown, self-styled progressives are still peddling their
pseudoexplanation: that it was largely the fault of the 1999 repeal
of a provision of the New Deal–era Glass-Steagall Act, which
mandated the separation of commercial and investment banking. This
tale is favored by Sen. Elizabeth Warren and others of her ilk, who
hold the rather absurd view that the United States had free banking
between the 1980s and the passage of Dodd-Frank in 2010. Sheldon
Richman wonders if Warren et al. ever bother to look at the facts,
particularly the passage of Glass-Steagall and what, if any, role
the repeal actually played in the crisis