The Glass-Steagal Act needs to be re-enacted and then some

Discussion in 'Politics' started by Flaylo, Jan 5, 2012.

  1. Flaylo
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    Flaylo Handsome Devil

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    The banking industry will not like it, but it will cut down of predatory lending and the abuse of CDOs. Also the credit rating agencies need to be regulated.
     
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  2. Chris
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    Chris Gold Member

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    I agree.

    But why not just join a credit union and take away the bastards money?
     
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  3. The Rabbi
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    The Rabbi Diamond Member

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    Do you have a clue what the fuck you're talking about? No, of course not.
     
  4. Flaylo
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    Flaylo Handsome Devil

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    Do you even have a fucking clue what you're talking about you Ashkenazi shithead? The repeal of the Glass-Steagal Act and the refusal to regulate derivatives played major roles in the financial collapse in the housing market. The credit rating agencies fucked up too, they were paid off, how the fuck can a bank have a triple AAA rating just right before they collapse?
     
  5. editec
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    editec Mr. Forgot-it-All

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    I confess that the problems are so complex, and the nature of the market changing so rapidly that I don't really know what regulations need to be enacted.

    The shadow banking system is so large and politically connected that I'm not sure how to put it down.
     
  6. The Rabbi
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    The Rabbi Diamond Member

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    GS was repealed in 98. You really think that played a role 10 years later? Boy are you stupid.
     
  7. merrill
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    merrill VIP Member

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  8. merrill
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    merrill VIP Member

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    Move Your Money as well

    10 reasons NOT to bank with Bank of America
    http://www.truth-out.org/ten-reasons-not-bank-or-bank-america/131

    Where did the Bush/Cheney/Paulson Bailout Money Go? Not much is known
    "Good Billions After Bad" - One Year After Wall Street Bailout, Pulitzer Winners Barlett and Steele Investigate Where All the Money Went

    *Move Your Money - To local institutions and do your community a large favor.

    A database to assist those wishing to move their money out of big banks that took taxpayer money and used it to pay themselves large bonuses:

    Move Your Money Project

    Arianna Huffington: Move Your Money: A New Year's Resolution

    Move Your Money: Project Urges People to Transfer Money Out of Nation's Largest Banks Into Local Community Banks
     
  9. Flaylo
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    Flaylo Handsome Devil

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    The problems got really shitty when regulation of derivatives was opposed and defeated, thats what allowed the out of control shit with CDOs. The repeal of the last parts of the Glass Steagal Act, signed into law by Bill Clinton, was the last straw. These big banks now are allowed unregulated risk taking and speculation and multiple conflicts of interest. That sets the stages for the kind of bullshit that happens that we saw. deregulation of the financial sector was the worst shit to ever happen, started by Reagan all the way up to Bush. Dodd Frank is weak at best.
     
  10. Stephanie
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    Stephanie Diamond Member Supporting Member

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    My goodness...I just don't how anyone can live today without their Daddy Guberment to make all their decisions for them..
     

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