{"id":2641,"date":"2008-11-24T21:29:45","date_gmt":"2008-11-25T02:29:45","guid":{"rendered":"http:\/\/1boringoldman.com\/?p=2641"},"modified":"2008-11-25T08:04:34","modified_gmt":"2008-11-25T13:04:34","slug":"looking-back-the-deregulation-i","status":"publish","type":"post","link":"https:\/\/1boringoldman.com\/index.php\/2008\/11\/24\/looking-back-the-deregulation-i\/","title":{"rendered":"looking back – the Deregulation I…"},"content":{"rendered":"
F.D.R.<\/strong>‘s regulation of the Banking System and the Stock Exchange stayed intact for nearly a half of a century [perhaps because after F.D.R., the Republicans only briefly had control of both Houses of Congress before 1994], even though it remained a perennial straw man for the business community, Banks, Conservatives, and Republicans:<\/div>\n
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In 1971, Richard Nixon<\/strong> floated the dollar in order to raise money to pay for the War in Viet Nam. Prior to that, we had remained on the Gold Standard even though one could not retrieve gold for currency. But it was the election of Ronald Reagan<\/strong> in 1980 that began the full scale assault on F.D.R.’s regulatory policies – and his economics in general. Reagan’s economics [called Reaganomics] were neither clear to me then nor now, but I know what he did. He cut taxes for the upper income brackets and eliminated a lot of other taxes that primarily affected the rich and businesses. He spent heavily on the Military. So he began running up the national debt as a result of decreased revenue and increased spending. He preached Deregulation<\/strong><\/a>. Here are a few highlights: <\/div>\n

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Depository Institutions Deregulation and Monetary Control Act<\/strong><\/font><\/a> of 1980: This legislation expanded the Federal Reserve’s rules to all Banks, and raised the level of FDIC coverage from $40,000 to $100,000. But it also began the Derugulation of Banking Institutions and the erosion of the Glass-Stegall Act<\/strong>:<\/div>\n