Phil Gramm: Repealing Glass-Steagall Didn't Cause Crash
"Pause here for belly laughs. Okay, I'll give him this: The Commodity Futures Modernization Act he rammed through in the 2000 budget showdown between Congress and Clinton was much worse. In fact, it had even more to do with the 2008 crash. It made sure that the credit swaps market was unregulated, and that banks and hedge funds didn't need a minimum reserve to back their casino bets."
