Quote:
Originally Posted by spence
You are right to say that lending used to be different. A significant component of this is that in years past the government didn't allow commercial, investment banks and insurance houses to mingle. A repeal of this law in 1999 dramatically changed the way financial products were offered and traded as the banks now had the ability to profit from multiple facets of the same investment.
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BINGO!!!! I believe you maybe referring to the Gramm-Leach-Bliley Act, which peeled back some restrictions put in place in early 30s.
I couldnt agree more with the learning from history part. My old man used to tell me all the time when I was teenager that "you kids think your 1st to ever do it".