"The rot that started with Thatcher's release of financial institutions from scrutiny"
"the recklessness of this policy was reflected across the Atlantic."
You have that ass about face!
Try this!
" In the 1930s, the Glass-Steagall Act prohibited retail banks from using deposits to fund risky stock market purchases.

In the 1980s, banks sought deregulation to allow them to compete globally with more profitable financial firms. In 1999, they got their wish. The Gramm-Leach-Bliley Act repealed Glass-Steagall.

The banks promised to invest only in low-risk securities. These would diversify their portfolios and reduce the risk for their customers. Instead, traditional banks invested in risky derivatives to increase profit and shareholder value.

Foreign countries blame these lax U.S. banking regulations for the global financial crisis. In 2008, the G-20 asked the United States to increase regulation of hedge funds and other financial firms. The United States refused, saying deregulation was needed for companies to compete globally.

Two years later, the G-20 got several things it had asked for when Congress passed the Dodd-Frank Wall Street Reform Act. First, the Act required banks to hold more capital to cushion against large losses. Second, it included strategies to keep companies from becoming too big to fail. The biggest was insurance giant American International Group Inc. Third, it required derivatives to move onto exchanges for better monitoring."