IBD sets the record straight on regulation and the financial problems

IBD dispels the "deregulation myth":

Politics: A dubious and dangerous idea seems to be gaining strength — that government caused the financial crisis by giving capitalism free rein. If anything, it hasn't done enough of that.

OK, we'll say it if no one else will: Thank heaven for Gramm-Leach-Bliley. If you've been listening to the fulminations from Congress and the campaign trail, you know that we're talking about the 1999 law that dismantled the Depression-era barriers between commercial and investment banking.

Democrats largely supported it at the time, and one of their own, Bill Clinton, signed it. Now they frame it as a Republican bill that helped send the nation on the path to perdition. . . .