Bring back the Glass-Steagall Act and move your money

merrill

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Dec 27, 2011
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Adapted from an article in the Law Library.

The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business.

It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. The act was originally part of President Franklin D. Roosevelt’s New Deal program and became a permanent measure in 1945.

It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks.

Beginning in the 1900s, commercial banks established security affiliates that floated bond issues and underwrote corporate stock issues. (In underwriting, a bank guarantees to furnish a definite sum of money by a definite date to a business or government entity in return for an issue of bonds or stock.)

The expansion of commercial banks into securities underwriting was substantial until the 1929 stock market crash and the subsequent Depression. In 1930, the Bank of the United States failed, reportedly because of activities of its security affiliates that created artificial conditions in the market.

In 1933, all of the banks throughout the country were closed for a four-day period, and 4,000 banks closed permanently.

Read More...

Glass-Steagall Act (1933) News - The New York Times
 
During the 20th century, there were several periods lasting more than ten years when the return on stocks was negative.

After the Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953.

Social Security Q&A | Dollars & Sense
 
The Glass-Steagall Act would have prevented the two most recent economic meltdowns led by Reagan/Bush and Bush/Cheney.

Perhaps it is the repub party that just begs and begs for replacement of smart legislation.
Their actions certainly do indicate such.
 
jesus...another one?

Just like the other one. Maybe the cryptkeeper lost his job and the bodies are coming back to life.

Dead brains. :lol:



omg...you are new so i dont know if this will make sense or not.....but i swear.... he channels liesmatters and rdean her sock.


what he is boiling down into is a board chew toy sent here for our amusement.




:cuckoo:
 
jesus...another one?

Just like the other one. Maybe the cryptkeeper lost his job and the bodies are coming back to life.

Dead brains. :lol:



omg...you are new so i dont know if this will make sense or not.....but i swear.... he channels liesmatters and rdean her sock.


what he is boiling down into is a board chew toy sent here for our amusement.




:cuckoo:


He's channeling the dead. That's for sure. :cuckoo:

This is 2012. Let's not be bringing back the dead of any kind. We can just create new. :eusa_shhh:
 
Just like the other one. Maybe the cryptkeeper lost his job and the bodies are coming back to life.

Dead brains. :lol:



omg...you are new so i dont know if this will make sense or not.....but i swear.... he channels liesmatters and rdean her sock.


what he is boiling down into is a board chew toy sent here for our amusement.




:cuckoo:


He's channeling the dead. That's for sure. :cuckoo:

This is 2012. Let's not be bringing back the dead of any kind. We can just create new. :eusa_shhh:


liesmatters is the board hack nut case.... on a bit of a forced mental health vacation at that moment.... but trust me...she will be back.
 
Adapted from an article in the Law Library.

The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business.

It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.]


Incorrect.

It was enacted in order to disguise the fact that the First massive depression was caused by the goddamned federal scumbags trying to manage the economy using the Federal Reserve Board.

.
 

omg...you are new so i dont know if this will make sense or not.....but i swear.... he channels liesmatters and rdean her sock.


what he is boiling down into is a board chew toy sent here for our amusement.




:cuckoo:


He's channeling the dead. That's for sure. :cuckoo:

This is 2012. Let's not be bringing back the dead of any kind. We can just create new. :eusa_shhh:


liesmatters is the board hack nut case.... on a bit of a forced mental health vacation at that moment.... but trust me...she will be back.

As soon as I read "Adapted" I had a sinking feeling of truth going south. :lol:
 
As a result of the bank closings and the already devastated economy, public confidence in the U.S. financial structure was low.

In order to restore the banking public's confidence that banks would follow reasonable banking practices, Congress created the Glass-Steagall Act.

The act forced a separation of commercial and investment banks by preventing commercial banks from underwriting securities, with the exception of U.S. Treasury and federal agency securities, and municipal and state general-obligation securities.

Likewise, investment banks may not engage in the business of receiving deposits.

Investment banking consists mostly of securities underwriting and related activities; making a market in securities; and setting up corporate mergers, acquisitions, and restructuring.

Investment banking also includes services provided by brokers or dealers in transactions in the secondary market.

The Glass-Steagall Act restored public confidence in banking practices during the Great Depression.

Glass-Steagall Act (1933) News - The New York Times
 
Adapted from an article in the Law Library.

The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business.

It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.]


Incorrect.

It was enacted in order to disguise the fact that the First massive depression was caused by the goddamned federal scumbags trying to manage the economy using the Federal Reserve Board.

.

oh for fuck sake, horseshit.
 
Adapted from an article in the Law Library.

The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business.

It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.]


Incorrect.

It was enacted in order to disguise the fact that the First massive depression was caused by the goddamned federal scumbags trying to manage the economy using the Federal Reserve Board.

.

oh for fuck sake, horseshit.

Mr Cocksucker, sir

your argument should have gone something like this

"oh for fuck sake, horseshit, because ( explanation using historical facts)

.

.
 
[/B]

Incorrect.

It was enacted in order to disguise the fact that the First massive depression was caused by the goddamned federal scumbags trying to manage the economy using the Federal Reserve Board.

.

oh for fuck sake, horseshit.

Mr Cocksucker, sir

your argument should have gone something like this

"oh for fuck sake, horseshit, because ( explanation using historical facts)

.

.

BEcause, Mr. Retard, sir, this has been hashed over a dozen times. Anyone with one working brain cell (which excludes you) understands that Glass Steagall's repeal did not cause the recent meltdown, any more than having it prevented meltdowns in the 1980s, 1970s or 1960s.
 
The debt meltdown that the western world's economy is suffering could not have happened had we keep a firewall between regular banking and the high risk investing that banks got involved with.

So yes, had many of the elements of Glass-Steagall ACt been in force, our economy would not be in the shape it is in now.

No telling what it would look like, of course, but we can fairly confident that it would NOT look like it does now.
 
The debt meltdown that the western world's economy is suffering could not have happened had we keep a firewall between regular banking and the high risk investing that banks got involved with.

So yes, had many of the elements of Glass-Steagall ACt been in force, our economy would not be in the shape it is in now.

No telling what it would look like, of course, but we can fairly confident that it would NOT look like it does now.

Simply untrue.
 
The debt meltdown that the western world's economy is suffering could not have happened had we keep a firewall between regular banking and the high risk investing that banks got involved with.

So yes, had many of the elements of Glass-Steagall ACt been in force, our economy would not be in the shape it is in now.

No telling what it would look like, of course, but we can fairly confident that it would NOT look like it does now.

Simply untrue.

Absolutely true. Read this and then push for Glass-Steagall to be reinstated.
Late-2000s financial crisis - Wikipedia, the free encyclopedia

The financial crisis was due to a combination of factors, including the "Community Reinvestment Act" pushed by Clinton giving mortgages to the unqualified, and due to the banks playing big on the global casino and losing big. IMHO we should prohibit derivatives, and tax the shit out of short-sales of stock, also known as stealing everyone's 401k money.
 
The debt meltdown that the western world's economy is suffering could not have happened had we keep a firewall between regular banking and the high risk investing that banks got involved with.

So yes, had many of the elements of Glass-Steagall ACt been in force, our economy would not be in the shape it is in now.

No telling what it would look like, of course, but we can fairly confident that it would NOT look like it does now.

Simply untrue.

Absolutely true. Read this and then push for Glass-Steagall to be reinstated.
Late-2000s financial crisis - Wikipedia, the free encyclopedia

The financial crisis was due to a combination of factors, including the "Community Reinvestment Act" pushed by Clinton giving mortgages to the unqualified, and due to the banks playing big on the global casino and losing big. IMHO we should prohibit derivatives, and tax the shit out of short-sales of stock, also known as stealing everyone's 401k money.

You dont know jack-shit, obviously.
The meltdown was caused by the Fed's too-low rate policy that made it very profitable to make mortgages, package them, and sell the packages to investors, especially the Chinese.
Glass-Steagal would not have prevented any of that. Any more than it prevented the Latin AMerican crisis of the 1960s.
 
During the 20th century, there were several periods lasting more than ten years when the return on stocks was negative.

After the Dow Jones stock index went down by over 75% between 1929 and 1933, the Dow did not return to its 1929 level until 1953.

Social Security Q&A | Dollars & Sense

there were not long periods where the Markets went down. When they crash it happens fast, and then those left with any money can take advantage of the Crash and get very low prices on stocks.
 
Too late for that, it would require breaking up the banks and that is just not going to happen. Even before G-S was voted down Citibank was granted a waver in order to buy Travelers insurance. The act was under attack for years before it was gutted and that genie is not going back in the bottle this time.
 

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