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

[Flaylo]

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.

 

[Chris]

I agree.

But why not just join a credit union and take away the bastards money?

 

[The Rabbi]

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.

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

 

[Flaylo]

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.

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

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?

 

[editec]

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.

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.

 

[The Rabbi]

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.

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

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?

GS was repealed in 98.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

 

[merrill]

Yes do bring back the Glass-Steagal Act pronto!

And :
Look at the people's Budget:
Fighting for a People's Budget | The Nation

 

[merrill]

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

 

[Flaylo]

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.

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.

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.

 

[Stephanie]

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

 

[The Rabbi]

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.

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.

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.

Banking has been one of the most regulated industries since the 1930s.
As usual you dont know shit.

 

[Flaylo]

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

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?

GS was repealed in 98.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

Yes it did play a role fucktard, the housing bubble was a slow developing disaster.


10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com

Ten years ago to the day, the government reversed one of the key elements of the Depression-era banking laws, knocking down the firewall between commercial banks, which take deposits and make loans, and investment banks, which underwrite securities. The repeal of the Glass-Steagall Act of 1933 was seen at the time as a way to help American banks grow larger and better compete on the world stage.

“Today, Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century,” then-Treasury Secretary Lawrence H. Summers said at the time. “This historic legislation will better enable American companies to compete in the new economy.”


But 10 years later, the end of Glass-Steagall has been blamed by some for many of the problems that led to last fall’s financial crisis. While the majority of problems that occurred centered mostly on the pure-play investment banks like Lehman Brothers, the huge banks born out of the revocation of Glass-Steagall, especially Citigroup, and the insurance companies that were allowed to deal in securities, like the American International Group, would not have run into trouble had the law still been in place.

“Commercial banks played a crucial role as buyers and sellers of mortgage-backed securities, credit-default swaps and other explosive financial derivatives,” Demos, a nonpartisan public policy and research organization, wrote in a report discussing the problems it said were caused by the repeal of Glass-Steagall.

“Without the watering down and ultimate repeal of Glass-Steagall, the banks would have been barred from most of these activities,” Demos said. “The market and appetite for derivatives would then have been far smaller, and Washington might not have felt a need to rescue the institutional victims.”

But 10 years ago, the revocation of Glass-Steagall drew few critics. In the House, 155 Democrats and 207 Republicans voted for the measure, while 51 Democrats, 5 Republicans and 1 independent opposed it. Fifteen members did not vote.

One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.

“I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”

 

[Flaylo]

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

Shut the fuck and get out of this thread you partisan shitstain, you never know what the fuck you're talking about because you're so partisan-tarded.

 

[Flaylo]

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.

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.

Banking has been one of the most regulated industries since the 1930s.
As usual you dont know shit.

The deregulation of banking starting in the late 70s up until now is what caused the fucking problems, bit by bit the Glass Steagal Act was dismantled. This deregulation also coincides when a major rise in wealth of rich getting richer and the poor getting poorer over the last 30 years, you don't know what the fuck you're talking about dickhead.

 

[Stephanie]

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

Shut the fuck and get out of this thread you partisan shitstain, you never know what the fuck you're talking about because you're so partisan-tarded.

LOL, like you know what the hell you're talking about...Predatory lending..good grief...

 

[DaGoose]

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.

Banking has been one of the most regulated industries since the 1930s.
As usual you dont know shit.

The deregulation of banking starting in the late 70s up until now is what caused the fucking problems, bit by bit the Glass Steagal Act was dismantled. This deregulation also coincides when a major rise in wealth of rich getting richer and the poor getting poorer over the last 30 years, you don't know what the fuck you're talking about dickhead.

The GOP policy of deregulation led to the banking crisis and what is the GOP solution? Even LESS regulation.

 

[Flaylo]

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

Shut the fuck and get out of this thread you partisan shitstain, you never know what the fuck you're talking about because you're so partisan-tarded.

LOL, like you know what the hell you're talking about...Predatory lending..good grief...

Yes, predatory ledning exists dumbfuck

Predatory lending - Wikipedia, the free encyclopedia

HUD Predatory Lending

Predatory Lending and Its Common Practices

 

[Flaylo]

Banking has been one of the most regulated industries since the 1930s.
As usual you dont know shit.

The deregulation of banking starting in the late 70s up until now is what caused the fucking problems, bit by bit the Glass Steagal Act was dismantled. This deregulation also coincides when a major rise in wealth of rich getting richer and the poor getting poorer over the last 30 years, you don't know what the fuck you're talking about dickhead.

The GOP policy of deregulation led to the banking crisis and what is the GOP solution? Even LESS regulation.

Thats true, we need even more regulation but sadly the call to reinstate Glass-Steagal is nonexistent and thats because we have a Wall Street bought off government. The thing with Repugs is that they're perfectly ok with being fucked up the ass by big business and or letting it happen to the people they're supposed to represent as long as they personally profit from it.

 

[Stephanie]

Shut the fuck and get out of this thread you partisan shitstain, you never know what the fuck you're talking about because you're so partisan-tarded.

LOL, like you know what the hell you're talking about...Predatory lending..good grief...

Yes, predatory ledning exists dumbfuck

Predatory lending - Wikipedia, the free encyclopedia

HUD Predatory Lending

Predatory Lending and Its Common Practices

yeah yeah, and the people in this country are too damn stupid to know about the loans they are taking out, so of COURSE they need our Daddy Guberment to look out for them..

 

[Claudette]

GS should be re-enacted.