[atypeoferror]

To be fair, the sub-prime lending crisis had its roots firmly in Clinton-era repeal of Glass-Steagal, so it’s not all so easy.

No particular love for the Republican Party, but it’s a problem created by the Democrats, which they then patched with the inferior Frank-Dodd. Plenty of stupidity to go around, I would say.

[rayiner]

Glass-Steagal was repealed by a GOP Congress. And the 2009 bailouts were Obama’s implementation of a plan devised by the Bush administration.

That said in economic and trade policy there’s not much difference between Reagan/Bush/Clinton/Bush/Obama. All support free movement of goods and labor. The only difference was in how big of a welfare state to have to mitigate the negative effects.

[Aunche]

> the sub-prime lending crisis had its roots firmly in Clinton-era repeal of Glass-Steagal

Not really. You'd just have very highly correlated financial entities that would have collapsed the exact same way. AIG received the largest bailout and wasn't even a bank.

> they then patched with the inferior Frank-Dodd.

Dodd Frank is why the finance sector was stable despite all the volatility introduced by the pandemic and inflation. The culture of banking has significantly shifted to being more conservative now, and risk has moved to the buy-side of trading, which is easier to let go of. Trump partially rolled back regulations such that banks under $250 billion no longer had to had to conduct stress tests, and bank collapses occurred all the way up to that threshold.