We're not talking about only mortgages..The glass-steagall act, empirically, stabilized and prevented disasters, anyone against it is sucking the cock of the banking elite.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.
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.
"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great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"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs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.
That's not quite correct.
It's way more complicated than you seem to understand.
Why do you keep posting in this thread??
That's not quite correct.
Enlighten me.
It's way more complicated than you seem to understand.
Enlighten me again.
Why do you keep posting in this thread??
An idiot socialist keeps posting errors, I keep correcting him.