Wall Street Expose’ Chronicles Systematic Dismantling of Financial Protections

[hvactec]

Prior to the 1930s, the American economy had been marked by alternating cycles of boom and bust. Therefore, during the Great Depression, Congress passed landmark legislation designed to insulate ordinary citizens from the vagaries of the stock market.

Most significantly, these statutes (1) created the FDIC to insure bank account deposits; (2) established the SEC as an enforcement agency to regulate stock trading and to prosecute white collar securities criminals; and (3) separated investment and community banks under the Glass-Steagall Act.

As a result of the implementation of these measures, the United States enjoyed an unparalleled period of continuous prosperity which lasted for a half-century. That was because the government prevented the commercial banks from gambling with working-class people’s savings in risky ways inconsistent with the public good.

However, the financial industry eventually began lobbying for the dismantling of the restrictive reforms, first finding success during the Reagan administration, and continuing to press until President Clinton signed a repeal of the Glass-Steagall in 1999. At that point, it was just a matter of time before the economic collapse experienced in 2008 would transpire.

That carefully-orchestrated fleecing of the country is the subject of “Heist: Who Stole the American Dream?”, an eye-opening documentary co-directed by
Frances Causey and Donald Goldmacher.

read more, video Wall Street Expose

 

[rdean]

Republicans have been selling their base for years that our government is bad. Because of this, they vote unethical politicians into office who swear they will get rid of "rules and regulations" that cost money. Course, they don't want to get rid of ALL of them. The current national debate tells us which ones they want to keep or impose.