Senators Warren, Mccain introduce bill to reign in banks.

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

http://www.skyvalleychronicle.com/F...-BEHAVIOR-OF-WALL-STREET-S-MEGA-BANKS-2182333
I'm agreeing with John on something..

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

http://www.skyvalleychronicle.com/F...-BEHAVIOR-OF-WALL-STREET-S-MEGA-BANKS-2182333

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

 

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

 

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

We're not talking about only mortgages..
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession."

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

http://www.skyvalleychronicle.com/F...-BEHAVIOR-OF-WALL-STREET-S-MEGA-BANKS-2182333
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

 

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

http://www.skyvalleychronicle.com/F...-BEHAVIOR-OF-WALL-STREET-S-MEGA-BANKS-2182333
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

We're not talking about only mortgages..
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession."

"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs

And not a single bank failed because of derivatives.
Many got in trouble, and lost hundreds of billions, on mortgages.

 

[The Rabbi]

I thought Dodd-Frank was meant to rein in banks. What exactly are we reining in banks from doing? Making money.
Glass Steagal did not prevent a dozen banking crises. Nor did its repeal cause the 2008 melt down. Nor will reinstating it prevent another.
Geez some people are stupid.

 

[Socialist]

I thought Dodd-Frank was meant to rein in banks. What exactly are we reining in banks from doing? Making money.
Glass Steagal did not prevent a dozen banking crises. Nor did its repeal cause the 2008 melt down. Nor will reinstating it prevent another.
Geez some people are stupid.

Err, it did help, this is a proven fact, don't try to act stupid.

 

[Socialist]

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

We're not talking about only mortgages..
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession."

"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs

And not a single bank failed because of derivatives.
Many got in trouble, and lost hundreds of billions, on mortgages.

Of course banks didn't fail, but it contributed to the recession, and the banks/etc were very stable until the act was repealed, tell me, seriously, what harm would be done if this act was brought back? Fat cats would lose some cash? You're an idiot.

 

[The Rabbi]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

How is that proof of anything, dumbshit? It didnt prevent the Latin American debt crisis, the oil bust crisis, the Contintental Illinois crisis, the Long Term Capital Management melt down, or a bunch of other problems.

 

[The Rabbi]

I thought Dodd-Frank was meant to rein in banks. What exactly are we reining in banks from doing? Making money.
Glass Steagal did not prevent a dozen banking crises. Nor did its repeal cause the 2008 melt down. Nor will reinstating it prevent another.
Geez some people are stupid.

Err, it did help, this is a proven fact, don't try to act stupid.

"It's a proven fact." Then prove it.

 

[The Rabbi]

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

We're not talking about only mortgages..
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession."

"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs

And not a single bank failed because of derivatives.
Many got in trouble, and lost hundreds of billions, on mortgages.

Of course banks didn't fail, but it contributed to the recession, and the banks/etc were very stable until the act was repealed, tell me, seriously, what harm would be done if this act was brought back? Fat cats would lose some cash? You're an idiot.

You fail to show how it contributed to the recession.

 

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

How is that proof of anything, dumbshit? It didnt prevent the Latin American debt crisis, the oil bust crisis, the Contintental Illinois crisis, the Long Term Capital Management melt down, or a bunch of other problems.

Yes, because those are all related to banking stability or were major/affected millions of americans in horrid ways.

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

How the hell are we wrong?

Glass-Steagall would have done nothing to prevent the real estate bubble.

You have yet to back up anything

Goldman Sachs Eye on the Bailout ProPublica

AIG Eye on the Bailout ProPublica

and the success of the act is empirical and proven,

It didn't prevent the double recessions in the early 80s.
Didn't prevent the S&L crisis. Would have done nothing to prevent the crisis in 2008.

 

[Socialist]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

How the hell are we wrong?

Glass-Steagall would have done nothing to prevent the real estate bubble.

You have yet to back up anything

Goldman Sachs Eye on the Bailout ProPublica

AIG Eye on the Bailout ProPublica

and the success of the act is empirical and proven,

It didn't prevent the double recessions in the early 80s.
Didn't prevent the S&L crisis. Would have done nothing to prevent the crisis in 2008.

We're talking about crisis that had a massive effect related to banking stability.
There was more to the recession then the real estate bubble, which was fueled by greedy pigs.
"
Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.
"

 

[Toddsterpatriot]

reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.
Yes, because that would have stopped them from writing bad mortgages.
Oh, wait, no it wouldn't.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

The part that is gone forever was bailouts for the UAW and the mortgage giveaway part from the HARP program.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs

And the government got the money back from AIG. And a $5 billion profit.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached

It's also worth noting, Goldman paid back their loan, and the government got a $1.4 billion profit.

Moron.

The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.
Back up your statements please.

The glass-steagall act, empirically, stabilized and prevented disasters

Please, post the part of Glass-Steagall that prevented banks from writing or buying crappy mortgages. I'll wait.

We're not talking about only mortgages..
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession."

"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs

And not a single bank failed because of derivatives.
Many got in trouble, and lost hundreds of billions, on mortgages.

Of course banks didn't fail, but it contributed to the recession, and the banks/etc were very stable until the act was repealed, tell me, seriously, what harm would be done if this act was brought back? Fat cats would lose some cash? You're an idiot.

Of course banks didn't fail, but it contributed to the recession

How?

and the banks/etc were very stable until the act was repealed

LOL! You know very little about banks.

 

[BluesLegend]

I thought Dodd-Frank was meant to rein in banks. What exactly are we reining in banks from doing? Making money.
Glass Steagal did not prevent a dozen banking crises. Nor did its repeal cause the 2008 melt down. Nor will reinstating it prevent another.
Geez some people are stupid.

Frank argued against any type of reigning in of Fannie and Freddie, said everything was fine, and when it blew up in his stupid face he had the nerve to act like he had nothing to do with it.

 

[Toddsterpatriot]

(NATIONAL) -- Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, the Depression era bill which would force big banks to split their investment and commercial banking practices.

The act was first passed in 1933 to rein in what was widely viewed as predatory and risky bank behaviors that led to the economic crash that sparked the Great Depression.

The act led to decades of banking stability and no more Great Depressions.

But back in 1999 it was repealed by the Gramm-Leach-Bliley Act "at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill," according to BusinessInsider.com .

The repeal of Glass-Steagall resulted in, many believe, the U.S. economic crash of 2007-2008 which led to the Great Recession, the worst crash since the Great Depression from which America is still recovering.

When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great Recession.

Senators Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government (.e.g, taxpayer) bailout.

SEPARATION OF BANKING SERVICES

The bill, which Warren & McCain first introduced in the last Congress, would separate traditional banking services - things like checking and savings accounts - from financial institutions that offer services such as "investment banking" which are much riskier.

"Despite the progress we've made since 2008, the biggest banks continue to threaten our economy," said Warren, a long time Wall Street critic, in a statement. "The biggest banks are collectively much larger than they were before the crisis (Great Recession), and they continue to engage in dangerous practices that could once again crash our economy."

Sen. McCain says the repeal of Glass-Steagall led to a culture of dangerous greed and excessive risk-taking in the banking industry.

"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits," McCain said in a statement.

In the last Great Recession, U.S. taxpayers bailed out the big Wall Street banks in 2008 with $700 billion of their money. Without that bailout many of the big banks may well have gone out of business.

The very next year in 2009 Wall Street was having its best year ever and was handing out billions of dollars in bonuses to executives while millions of Americans were out of work and losing their homes in the depths of the Great Recession.

Also in 2009, one out of four homeowners was "under water" with their home mortgage, meaning they owed more on their homes than they were worth and, according to the then latest ABC-Washington Post poll, one out of every three Americans had either lost their job or lived in a household with someone who had lost a job.

Former U.S. Labor Secretary Robert Reich wrote in December of 2009 that the scourge of unemployment had split America into three groups:

"(1) households in danger of losing their homes and whose kids are surviving on food stamps (that's up to one in four children in America today); (2) the vast majority of Americans who are managing but worried about keeping their jobs and homes; and (3) a small number who are taking home even more winnings than they did in the boom year 2007.

Prominent among category (3) are Wall Street bankers, many of whom are now concluding their most profitable year ever. Goldman Sachs is so flush it's preparing to give out bonuses in a few weeks totaling $17 billion. That will mean eight-figure compensation packages for lots of Goldman executives and traders.

JPMorgan Chase is rumored to have a bonus pool of around $5 billion. The three other major Wall Street banks are ratcheting up their compensation packages so their "talent" won't be poached by Goldman or JPMorgan.

Wall Street is booming again in large part because the rest of America -- categories (1) and (2), above -- bailed it out to the tune of $700 billion last year.

The Street has repaid some of that but, according to the bailout program's inspector general, much of it is gone forever.

For example, the taxpayer money that bailed out giant insurer AIG went directly through AIG to its "counterparties" like Goldman Sachs -- to whom Tim Geithner, according to the inspector general, gave away the store.

As Goldman Sachs prepares to dole out some $17 billion to its executives and traders, it's worth noting that Goldman received $13 billion a year ago from the rest of us via AIG and Geithner, no strings attached."

SENATORS WARREN MCAIN INTRODUCE BILL TO REIGN IN RISKY BEHAVIOR OF WALL STREET S br MEGA BANKS FEATURE NEWS Sky Valley Chronicle Washington State News
I'm agreeing with John on something..

I'm agreeing with John on something..

And you're both wrong.

How the hell are we wrong? You have yet to back up anything, and the success of the act is empirical and proven, considering the ones who spearheaded removing it were wall street pigs.

How is that proof of anything, dumbshit? It didnt prevent the Latin American debt crisis, the oil bust crisis, the Contintental Illinois crisis, the Long Term Capital Management melt down, or a bunch of other problems.

Yes, because those are all related to banking stability or were major/affected millions of americans in horrid ways.

Yes, because those are all related to banking stability

And they all occurred under Glass-Steagall. Durr.