The Tom Woods Show, episode 638.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of liberty education starts here, the Tom Woods Show.

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Hi, everybody. Tom Woods here. We're talking about deregulation and the financial crisis,

because we all know deregulation caused the financial crisis. That's what everybody tells you.

But is that really so? And of course, I've written on this and spoken on this, a little bit of this in

my book Meltdown, much more on this subject in my 2011 book Rollback. But in particular, there are two acts of

deregulation that are pointed to as the culprits in the financial crisis. And those are

the Graham Leach-Blyley Act, or the so-called repeal, and they really mean the partial repeal of

Glass-Steagall and the Commodity Futures

Modernization Act. And I want to talk about the extent to which these two things had anything

whatsoever to do with the financial crisis. And joining me to do that is Peter J. Wollison,

who's been on the program in the past. He is a lawyer and the Arthur F. Burns Fellow in Financial Policy Studies at the

American Enterprise Institute. He was a dissenting member of the 2010 Financial Crisis Inquiry

Commission because, of course, he had rather a different explanation for what had caused the

financial crisis. And he also served as General counsel of the U.S. Treasury Department

in the Reagan administration. Peter Wallison, welcome back to the show.

Great to be with you, Tom. Thanks for the invitation.

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