Wry Catcher
Diamond Member
- Banned
- #41
Yep, sure did.Notice, not one of the jerks from the right even tried to counter the concise and credible statement of Sen. Warren. It was all personal attack, all of the time.
I also noted that they're still stuck on her "Indian" statement...still stuck on stupid they are.
She's a clown.
Continental Illinois failed under Glass-Steagall.
"But it took 50 years." LOL!
But your Glass-Steagall didn't prevent them from making stupid loans.
It didn't prevent banks from making silly loans to 3rd World countries.
And it wouldn't have prevented them from making stupid mortgage loans
in 2005, 2006 and 2007.
The CRA, on the other hand, was a regulation that actually contributed to making stupid mortgage loans.
Show me a bank that failed because they weren't restricted by Glass-Steagall or STFU!
Maybe I'm missing something. G-S is a law and if law breakers violate that law your point seems to be flawed.
See: Continental Illinois - Wikipedia, the free encyclopedia
In May 1984, Continental Illinois became insolvent due, in part, to bad loans purchased from the failed Penn Square Bank N.A. of Oklahoma—loans for oil & gas producers and service companies and investors in the Oklahoma and Texas oil & gas boom of the late 1970s and early 1980s. Due diligence was not properly conducted by John Lytle, an executive in the Mid-Continent Division of oil lending, and other leading officers of the bank. Lytle later pleaded guilty to a count of defrauding Continental of $2.25 million and receiving $585,000 in kickbacks for approving risky loan applications. Lytle was sentenced to three and a half years in a federal prison. The Penn Square failure eventually caused a substantial run on the bank's deposits once it became clear Continental Illinois was headed for failure. Large depositors withdrew over $10 billion of deposits in early May 1984"