Senators Warren, Mccain introduce bill to reign in banks.

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"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs which arguably fueled the onslaught of the Great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"When Glass-Steagall was repealed, many big Wall Street banks started making risky bets on "derivatives" and other exotic financial constructs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

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.

 

[Socialist]

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.

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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

 

[Toddsterpatriot]

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.

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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

 

[Socialist]

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.

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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

It's not a lie, it prevented disasters of any scale that were remotely close to the great depression.

 

[Toddsterpatriot]

"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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

It's not a lie, it prevented disasters of any scale that were remotely close to the great depression.

It didn't prevent the S&L crisis, the Continental Illinois failure, LTCM, the twin recessions in the early 80s.
It wouldn't have prevented the 2008 crisis either.

 

[Socialist]

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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

It's not a lie, it prevented disasters of any scale that were remotely close to the great depression.

It didn't prevent the S&L crisis, the Continental Illinois failure, LTCM, the twin recessions in the early 80s.
It wouldn't have prevented the 2008 crisis either.

Yeah, because the scale of those is remotely comparable to the great depression/the 2008 crisis. Get out of here. There is literally no harm in the glass-steagall act, unless you love wealthy pigs.

 

[Toddsterpatriot]

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.

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

It's not a lie, it prevented disasters of any scale that were remotely close to the great depression.

It didn't prevent the S&L crisis, the Continental Illinois failure, LTCM, the twin recessions in the early 80s.
It wouldn't have prevented the 2008 crisis either.

Yeah, because the scale of those is remotely comparable to the great depression/the 2008 crisis. Get out of here. There is literally no harm in the glass-steagall act, unless you love wealthy pigs.

It didn't prevent the very serious issues in the early 80s.
It would have done nothing to prevent the issues in 2008.

There is literally no harm in the glass-steagall act

It would have prevented JPM from saving Bear Stearns and Bank of America from saving Merrill Lynch. That would have made things worse.

 

[Socialist]

You have yet to identify any errors, you're saying I'm claiming things when I'm not.

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

That's another one.

It's not a lie, it prevented disasters of any scale that were remotely close to the great depression.

It didn't prevent the S&L crisis, the Continental Illinois failure, LTCM, the twin recessions in the early 80s.
It wouldn't have prevented the 2008 crisis either.

Yeah, because the scale of those is remotely comparable to the great depression/the 2008 crisis. Get out of here. There is literally no harm in the glass-steagall act, unless you love wealthy pigs.

It didn't prevent the very serious issues in the early 80s.
It would have done nothing to prevent the issues in 2008.

There is literally no harm in the glass-steagall act

It would have prevented JPM from saving Bear Stearns and Bank of America from saving Merrill Lynch. That would have made things worse.

Yes, issues that would have happened anyway, and the act literally did no harm, and discussing hypothesis is ridiculous, considering all of your "issues" barely compare to the GD/2008 crisis, and you do realize..
Bank failures:

 

[Toddsterpatriot]

and the act literally did no harm

And did literally nothing to prevent past crises.