Congressional Republicans say Equifax breach was "entirely preventable," blames "aggressive growth strategy" but reject measures to prevent future breaches

[Wanderfound]

@gracchus

American politics since 1980:

Democrats and Republicans: “This is a terrible and entirely preventable problem!”

Dems: “Here are some common sense ways government can help fix it.”

Republicans: “Noooo! Regulation of corporate persons ba-a-a-d. Road to Serfdom”

American politics since 1980:

Public: “This is a terrible and entirely preventable problem!”

Left: “Here are some common sense ways government can help fix it.”

Party in Power: “Noooo! Regulation of corporate persons ba-a-a-d. Road to Serfdom”

The GFC was set up by Clinton’s deregulation of the finance sector.

President Clinton’s tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.