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Subprime lending became possible through Clinton-era minority homeownership policy and the 1999 repeal of Glass-Steagall, which combined retail and investment banking and encouraged riskier financial vehicles.
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Glass Steagall
Subprime lending became possible through Clinton-era minority homeownership policy and the 1999 repeal of Glass-Steagall, which combined retail and investment banking and encouraged riskier financial vehicles.
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"...more important, is in 1999, Bill Clinton repealed something called the Glass -Steagall. And what is this? The Glass -Steagall Act just said that..."
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"...trying to mitigate risk in the system. But by repealing the Glass -Steagall Act, what you do is you combine retail and investment together...."
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