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Elizabeth Warren “No. That is just wrong. Look at the history. From 1797 to 1933, the American banking system crashed about every fifteen years. In 1933 we put good reforms in place, for which GS (Glass Steagall) was the centerpiece. And from 1933 to the early 1980′s, that’s a fifty year period, we didn’t have any of that, none. We kept the system steady and secure. And it was only as we started deregulating…you start hitting the S&L crisis, and what did we do, we deregulated some more. And then you hit long term capital management at the end of the 90′s, and what did we do as a country, this country continued to deregulate more. And then we hit the big crash in 2008. You are not going to defend the proposition that regulation can never work if it did work.”

Watch Liz Warren School Some CNBC Doofuses With Facts ‘N’ History

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