Lappy, it was Clinton repealing the Glass Stegal act in 1997 that led to the cause of the GFC, the commercial banks in the USA being allowed to package thier loan books up and on sell them to "investment banks" in the USA, who then got a AAA rating from Moodys etc and flicked them onto investment groups , when the NINJA loans started falling over the house of cards collapsed, the Aust banks had very little in the way of these situations, Costello wouldn't allow them to on sell their loans , he identified moral hazard as the issue, the "investment bankers" are back at it again in the USA , its almost 10 years , it seems abt every 10 years the USA has a finincial implosion of some kind.
