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Thank you for a much needed, clear explanation of what's going on and how we got to this point. With the hours of financial mumbo-jumbo on cable, how sad that we intelligent readers need to have this explained to us.
One thing that I have wondered, however: How much of this could have been averted if some of the protections that were put in place as a result of the crash of 1929 hadn't been removed in the last few years because, well, that just couldn't happen again? I've watched incredulously as banks have entered into the stock business (again!)and other financial walls have come down.
