Bring back the Glass-Steagall Act and move your money

Discussion in 'Politics' started by merrill, Jan 28, 2012.

  1. merrill
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    merrill VIP Member

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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. RooseveltÂ’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
     
  2. merrill
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    merrill VIP Member

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    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
     
  3. syrenn
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    syrenn BANNED

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    jesus...another one?
     
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  4. Outback
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    Outback BANNED

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

    Dead brains. :lol:
     
  5. merrill
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    merrill VIP Member

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    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.
     
  6. syrenn
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    syrenn BANNED

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    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:
     
  7. Outback
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    Outback BANNED

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    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:
     
  8. syrenn
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    syrenn BANNED

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    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.
     
  9. Contumacious
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    Contumacious Radical Freedom

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    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.

    .
     
  10. Outback
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    As soon as I read "Adapted" I had a sinking feeling of truth going south. :lol:
     

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