subprime crisis

you now have another reason to dislike the republicans and their new man of the hour, joh mccain...that is the subprime crisis and the recession we are in but no one wants to admit is going on. the problem is deregulation folks! once upon a time there was this little thing called the great depression. there were many people who blamed the depression and crash on the greed of unregulated bankers. hmm. imagine that! commercial banks were investing in the stock market, taking on riskier ventures and becoming more and more speculative. this should sound familiar. thus the glass-steagall act was passed which separated investment and commercial banking activities. in other words, the federal government would step in with regulations to dampen the out of control greed of bankers. seems good to me and it was until 1999. that is when phil gramm, a former u.s sen. and campaign manager for john mccain(who has admitted that he knows little about the economy) helped pass the gramm-leach=bliley act which repealed the glass-steagall act. what? yep, no regulation. banks could merge. " predatory tactics by lenders and brokers to place homeowners in high-cost mortgages" crept in. why? because the federal govt. was no longer watching. speculation rose. housing cost sky-rocketed and we entered yet anothe republican driven boom to bust cycle. hey kids, do us all a favor and don't vote for mccain.