deregulation
What American political conservatives believe is best for the American economy, especially in the industry of finance, even though it is best known for delivering excessive profits during periods of economic growth, high unemployment once the economy stalls, and ever-widening levels of economic inequality. It also makes white-collar crime much easier.
In 1999, led by conservative Republican Senator Phil Gramm from Texas, the U.S. Congress repealed the Glass-Steagall Act, which has stood since 1934 in an act of deregulation. Those 65 years were marked with steady economic growth and economic crises that were very mild, at worst. Since 1999, commercial banks started gambling with depositors' money, and this then created a culture of excessive risk-taking on Wall Street that turned it into a casino that eventually crashed the worldwide economy in 2008.
deregulation by DEA302 January 21, 2010
Get the deregulation mug.