Claim 1b10f06eChecked 09 Jul 2026
Strongly SupportedOn the evidence scale
“The bankers were allowed to crash the global economy.”
Reasoning & Evidence09 Jul 2026
Official inquiries concluded that the crisis was avoidable and involved widespread failures in financial regulation, along with excessive borrowing and risk-taking by Wall Street. The IMF similarly said that light-touch regulation and excessive leverage/risk-taking helped create the crisis, which then led to an unprecedented contraction in global output and trade. So bankers and financial institutions were not the only cause, but they were a major cause of the global crash, and weak regulation helped allow the buildup that made it possible. Sources: Financial Crisis Inquiry Commission conclusions; IMF Annual Report 2009. (fcic.law.stanford.edu)
From article
But they were allowed to. Who let them do it? Moronic politicians, who changed rules we’d had for seven decades. Take America – [Alan] Greenspan got rid of the Glass-Steagall Act.5The Banking Act of 1933, which separated investment banking from commercial banks. Its effectual repeal in 1999 allowed Wall Street to gamble with money deposited in commercial banks. Look what that moron [Gordon] Brown did! He took away control of the banking industry from the Bank of England and gave it to a bunch of tick-box bureaucrats at the [Financial Services Authority]. Catastrophic, catastrophic errors of judgement!
Sources opened+ 20 search hits considered
| [1] | fcic.law.stanford.edu |