Clinton enacted the Financial Services Modernization Act of 1999, which eliminated the last remnants of the Glass Steagall Act. The latter created legal distinctions between what banks, security firms and insurance companies were allowed to offer to the public as well as invest in. It removed the barriers of lending and securitization that was partially responsilbe for the easy money that pumped up housing prices in the last decade.

He also passed the Futures Modernization Act of 2000, that completely deregulated financial derivatives, credit default swaps and collateralized debt obligations that assisted banks in making loans to people that couldnt possibly qualify for them prior.

The financial collapse was decades in the making starting with Carter's Community reinvestment Act which put pressure on lenders to loan money to those considered a risk.

Im curious what you think bush did to contribute to this other than not screaming louder when the dem congress refused to look into fannie and freddie, I think he saw it coming but I do blame him for not doing more to inform the public and for that he is at fault. There is not much legislation that he wouldve passed that could have contributed to this because most poorly construction legislation takes time to show damage.

When the two pieces of leg passed under clinton and carter that lessened qualification restrictions, anyone who was opposed to it was shouted down as a racist or hater of the poor. As was with Healthcare which will also bear fruit for our children and their children. i see them having this same debate years from now.