lol! you're so political, you have no idea what the act entails. in fact, it's clear you don't see the biggest problem with it.I believe it was RealDave last night who pointed out that Gramm, Leach and Bliley were all Republicans.
It wasn't the act itself that was the problem. It was passed by an overwhelming majority in both parties.
It was the lack of oversight once it was passed. Bill Clinton admitted this years later.
It was also the pressure placed on banks by the Clinton administration to loosen lending standards when minorities and organizations like ACORN began complaining about "redlining" and loans being given to only rich white people.
Republicans weren't altogether innocent but at least they realized by 2004 that danger was ahead. Democrats were still trying to convince themselves and everyone else all was just fine.
Of course, all wasn't just fine.
If more Democrats had realized like Republicans that more oversight was needed back in 2004, the crisis could have been avoided.
and as I've already posted (and you obviously haven't read), there was no loosening of credit standards.
you people are so blind and keep working hard to remain that way.