[jonrick46]

It was Clinton, on November 12, 1999, whe signed the passage of the Gramm-Leach-Bliley Financial Services Modernization Act which repealed parts of the 1933 Glass-Steagall Act. Specifically, provisions in the 1933 Glass-Steagall act that prohibit a bank holding company from owning other financial companies were repealed. Economists Robert Ekelund and Mark Thornton have criticized the Act as contributing to the 2007 subprime mortgage financial crisis.

[DiogenesLamp]

It was Clinton, on November 12, 1999, whe signed the passage of the Gramm-Leach-Bliley Financial Services Modernization Act which repealed parts of the 1933 Glass-Steagall Act. Specifically, provisions in the 1933 Glass-Steagall act that prohibit a bank holding company from owning other financial companies were repealed. Economists Robert Ekelund and Mark Thornton have criticized the Act as contributing to the 2007 subprime mortgage financial crisis.

No doubt it did, but it was the issuance of bad loans in the first place that is the primary underlying cause.