Did anyone watch 60 Minutes tonight?

Now I understand what all this talk is of "deregulation" of Wall Street. They allowed company's like Lehman Brothers and AIG to actually make "bets" on the economy, ie. mortgages. This has been illegal since the early 1900's when people were allowed to make bets on the stock market. And it was made illegal after the stock market crash. Of course it was legalized 8 years ago under Bush

ETA: My point...this is one of the main reasons are economy is the way it is. Once the mortgage bubble popped, these company's didnt have the money to pay all the people who bet people would default/foreclose on their mortgages.

Message edited 10/26/2008 9:23:30 PM.

Re: Did anyone watch 60 Minutes tonight?

I missed it but wanted to see it! Dang it!!

I didn't know they were doing a piece on deregulation, I wanted to see it because they were doing a segment on T. Boone Pickens.

Re: Did anyone watch 60 Minutes tonight?

I saw it. I DVR 60 Minutes and was really glad to see this one. I learned a lot and it really angered me. I'm glad I understand it better.

Re: Did anyone watch 60 Minutes tonight?

I feel compelled to set the record straight about this.

both parties were at fault, since this bill to de-regulate Wall Street passed overwhelmingly in the HoR by a vote of 376 to 50 and passed unanimously in the Senate

it was a bill proposed by Ewing, a Republican from Il. but it was called the 'commodity futures modernization act of 2000', and it was during the Clinton Admin, not GWB. It became law on 12/21/00. GWB didn't take office until January 2001.

link 1

link 2

furthermore, this is a direct quote from CBS's website:

"the bill was passed at the height of Wall Street and Washington's love
affair with deregulation, an infatuation that was endorsed by President
Clinton at the White House and encouraged by Federal Reserve Chairman Alan Greenspan."

60 minutes link

Message edited 10/26/2008 10:11:55 PM.