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Freedom to HarmThe Lasting Legacy of the Laissez Faire Revival$
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Thomas O. McGarity

Print publication date: 2013

Print ISBN-13: 9780300141245

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300141245.001.0001

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Financial Protection

Financial Protection

Chapter:
(p.164) 13 Financial Protection
Source:
Freedom to Harm
Author(s):

Thomas O. McGarity

Publisher:
Yale University Press
DOI:10.12987/yale/9780300141245.003.0014

This chapter focuses on the financial meltdown that was a bipartisan meltdown. The Depository Institutions Deregulation and Monetary Control Act of 1980 was enacted during the Carter Administration, and the Glass-Steagall Act was repealed during the Clinton Administration. The regulatory protections against predatory lending that Congress had enacted during the Public Interest Era seriously eroded during the Laissez Faire Revival. Although the TILAct and HOEPAct empowered both the Fed and the Federal Trade Commission to bring civil and criminal enforcement actions against violators of the Fed's predatory lending regulations, enforcement was quite spotty during the Laissez Faire Revival. The laissez faire minimalist ethos still pervades the firms which survived the meltdown, and they have only got larger and more dominant, secure in the knowledge that the government will bail them out again the next time.

Keywords:   financial meltdown, bipartisan meltdown, Carter Administration, Glass-Steagall Act

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