Who caused this mess in our economy?

Subprime mortgages caused the current economy to be such a mess. Go back in History to 1999 it was Phil Gramm and Republicans that caused this mess. Gramm legislation (Gramm-Leach-Bliley Act) was passed by the Republican controlled Senate and passed much to the delight of the banking industry's lobbyist and as a payoff to the Republicans for past campaign contributions.

A full 100 percent of all Republicans voted for this bill including John McCain. The act repealed part of “The Glass-Steagall act of 1933” this act was passed to prevent speculation which caused the bank collapse in 1929. The Gramm-Leach-Bliley Act allowed more banks mergers and moved them directly into the stocks, bonds and insurance markets.

In 2000, Gramm was able to pass the “Commodity Futures Modernization Act. It expanded futures trading and created new investments for speculation, including energy trading. It was energy trading that caused the Enron scandal. It also created the credit default swap.

These two pieces of deregulation passed by Republicans have resulted in the biggest financial crisis since 1929, a failing world economy, loss of 1.8 million jobs in 2008 and the current bailout help now being passed and considered by Congress.