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Bill Clinton: No Evidence Glass-Steagall Repeal Led to Crisis

Former president Bill Clinton is claiming that there is no evidence that the repeal of Glass-Steagall led to the financial crisis. Talk about being in denial.

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“There’s not a single, solitary example that it had anything to do with the financial crash,” former President Bill Clinton tells Inc. regarding 1999 repeal of Glass-Steagall.

  • “In fact, a study done afterward said that the unified banks were actually slightly less likely to fail than either the commercial banks that overloaded on subprime mortgages, or the investment banks, like Bear Stearns, Lehman Brothers, and others”: Clinton
  • NOTE: Democratic presidential candidate Hillary Clinton won’t propose reinstating Glass-Steagall, adviser Alan Blinder told Reuters last month
  • NOTE: Clinton’s rivals for the 2016 Democratic nomination, Sen. Bernie Sanders and former Md. Gov. Martin O’Malley, have called to break up the biggest U.S. banks

Source: Bloomberg

Read more on Inc. Click here.

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