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VegasKL t1_j1b2o6n wrote

Reply to comment by Textification in The US economy grew much faster than previously thought in the third quarter by barrinmw

Yeah, it's always kinda odd (jk) how we seemingly have a major scandal or economic event which precedes a large recession, and the Dems pull us out of it.

It's almost like deregulation doesn't work over the long term for the economy as a whole, it just makes those industries rich until they collapse everything.

I guess the Dot-Com bubble could be attributed to Dems, but that might be from a lack of regulation (or slow moving regulation).

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Art-Zuron t1_j1c6zqj wrote

I've heard the Internet called the "greatest experiment in chaos ever made" and I think that's part of why the dot com bubble happened. Neither the geezers nor the youngins really understood what it was. It was basically like Crypto. Unexplored frontiers. And, of course, like crypto, people quickly exploited that legal vacuum for nefarious purposes.

But, nowadays, while most of our elected representatives are still technologically illiterate, most of the population is pretty good at it. It doesn't help, however, that those illiterate fucks just do whatever ISPs and tech conglomerates bribe them to do though, otherwise we might have much better regulations.

A person is very smart but people are very stupid.

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Shrederjame t1_j1cemmz wrote

clinton was basically Reagan but blue so your lack of regulation theory still holds true.

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civemaybe t1_j1dj6eq wrote

He did repeal Glass-Steagel, which laid the groundwork for 2008.

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214ObstructedReverie t1_j1e7uv6 wrote

The kinds of banks that Glass-Steagel prevented from existing (combo deposit and investment) actually fared better (due to their more diversified assets) in the 2008 crash than those that would have been allowed anyway.

It's much better to blame the Secondary Mortgage Market Engagement Act of 1984 from Reagan.

That bill allowed AA rates mortgage backed securities to be treated like securities, but did jack all to ensure that they were being rated properly. As a result, the system got poisoned by junk mortgage securities being thrown around as if they were as safe as government bonds.

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