Clinton's Biggest Mistake

It wasn’t anything involving a blue dress. It was the repeal of the Glass-Steagall Act. At this point, it is probably in the constellation of economic-historical facts that the conflicts of interest created by the Act’s repeal were a necessary cause of the Enron debacle.

And now, I think there’s a non-trivial case to be made that the current liquidity problems, and micro-panics in the market are connected as well.

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