State Representative David Bly, MN District 25B

The recent financial crisis on Wall Street has generated a great many discussions on regulation vs. deregulation.  Phil Gramm (R), retired Senator from Texas, who was the driving force behind deregulation, recently was asked by the New York Times if he still agrees with the policies he set forth to allow less and less oversight of Wall Street.  If you are interested in a terrific article on what transpired read his interview.  The link to Credit Default Swaps may give you more insight on the failed policies enacted by the financial institutes.  In addition click on how the Commodity Futures Modernization Act, a law Gramm played a key role in writing, helped create the “Enron Loophole” that was advocated by executives of Enron.