Someone wants to blame minorities for the stock market crash. Lets put it at the feet of the real mastermind behind this disaster. The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles Subprime Mess and Phil Gramm: An Experiment in DeregulationJune 24, 2008 - 04:12 PM Category: MiscellaneousTags: Senator Phil Gramm, John McCain, George Bush, Senate, Congress, subprime, mortgage mess, deregulation, Enron, Secretary Paulson, UBS. In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The purpose of the act is to separate commercial banks that focus on consumers from investment banks, which deal with speculative trading and mergers. ....con.