SUMMERS DANCES LIKE A TRAINED MONKEY
BILL PHIL AND LARRY HAVE A WALL STREET PARTY
Larry Summers, Phil Gramm and Bill Clinton celebrate at the signing of the Gramm-Leach-Bliley Act in 1998, which repealed the Glass-Steagal Act of 1933. This bill led to the creation of mega-banks and financial service firms that quickly became too big to fail, and paved the way for the global financial crisis of 2008.
I set the clip to begin with Phil Gramm's comments. After him, you can skip to 14:00 when Summers introduces Clinton, unless of course you want to watch the monkey.