Ron Paul, The Last American

October 07, 2008
BAILOUT IS FUTILE AS AMERICA CRUMBLES
By Paul Craig Roberts

America has become a pretty discouraging place. Americans, for the most part, will never know what happened to them, because they no longer have a free and responsible press. They have Big Brothers press. For example, on September 28, 2008, a New York Times editorial blamed the current financial crisis on antiregulation disciples of the Reagan Revolution.

What utter nonsense. Every example of deregulation that the New York Times editorial provides is located in the Clinton Administration and the George W. Bush administration. I was a member of the Reagan administration. We most certainly did not deregulate the financial system.

The repeal of the Glass-Steagall Act, which separated commercial from investment banking, was the achievement of the Democratic Clinton Administration. It happened in 1999, over a decade after Reagan left office.

It was in 2000 that derivatives and credit default swaps were excluded from regulation. →