I was reading a news article from Bloomberg about some comments from George Soros and this part leapt out at me:
Feb. 23 (Bloomberg) — Billionaire investor George Soros said the current economic upheaval has its roots in the financial deregulation of the 1980s and signals the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of crises forcing government intervention, Soros told economists and bankers at a Feb. 20 private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
The highlighting is mine. That isn’t quite the way that I remember things. For example, I remember the Depository Institutions Deregulation and Monetary Control Act which, among other things, allowed banks to merge which, in my view, is the source of many of the problems we’re seeing right now, diminished the power of the Federal Reserve, and increased the leeway that banks had in setting the interest rates they paid. That was passed in 1980 under a Democratic president and Congress.
Contrary to the narrative that’s being offered, bank reform has been an ongoing process, taking place during Democratic and Republican administrations, under Democratic and Republican Congresses.