“American Casino”, New Documentary is in Theaters

“American Casino” – Doc Investigates Roots of the Subprime Mortgage Meltdown and Tells the Stories of Its Victims

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According to this documentary. Phil Gramm, the senator from Texas, sneaked through the legislation back in 1991-1992 to change the existing checks and balances on Wall Street and the financial sector. And it was further weakened thereafter.

Not only did this legislation make it illegal for even states to check corporate power, but one of the laws that they overturned was an anti gambling law. The banking and financial sector regulators were told that the banks and wall street would be good and would not turn this into a big derivatives scheme.  But “surprise surprise” as Gomer Pyle used to say.

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