Should We Re-enact Glass-Steagall?

[Dot Com]

yes

 

[Polk]

Apparently you think (mistankenly) that Dodd-Frank is less restrictive than Glass-Steagal.

It's a lot less restrictive and does very little about "Dark Pools".

Let me get this straight, you want me to believe that a law that was written to fix Enron and the other problems that came up in the financial market ended up being less restrictive than the law it replaced?

Neither of those laws was written to fix Enron. You're thinking of Sarbanes-Oxley.

 

[Quantum Windbag]

It's a lot less restrictive and does very little about "Dark Pools".

Let me get this straight, you want me to believe that a law that was written to fix Enron and the other problems that came up in the financial market ended up being less restrictive than the law it replaced?

Neither of those laws was written to fix Enron. You're thinking of Sarbanes-Oxley.

I am at that, but Glass-Stegall still imposed fewer regulations than Dodd-Frank. The fact that it also allowed different types of banks to merge is not an ipso facto argument that it contains fewer regulations.

 

[editec]

Should We Re-enact Glass-Steagall?

Which rendition of it?

It's been modified many times.

And the world of finance in 2013 is way different than the world of finance of the 30s.

 

[eagle1462010]

YES

I've been saying that Graham Leahy Act needs to be REPEALED for a LONG TIME NOW.

The Glass-Steigal Act was A RESPONSE TO THE GREAT DEPRESSION. Basically, a LAW TO SAY NEVER AGAIN.

After it was taken away, the MARKET MANIPULATION WENT THROUGH THE ROOF and nearly created a 2nd Depression.

History has a HISTORY OF REPEATING ITSELF.

It needs to be back in place. The Dodd-Frank law is a JOKE.

 

[Dot Com]

it would be the preferred option but the banks own the U.S. Senate. Moreso since the rw'ers brought the Citizens United case that solidified that the gov't is up for sale to the highest bidder domestic OR foreign

 

[AmazonTania]

Why re-enact a law which generally had nothing to do with the financial crisis at all.

Glass-Steagall is generally drummed up by those who do not understand the direct causes of the financial crisis. And with so many people so ignorant in this country, we are only doomed to repeat the same mistakes.

 

[Saigon]

I'd like to see better oversight of banking and financial trading.

Probably new legislation is better and easier than updating Glass-Steagall, but I'd like to see all countries learn from the collapse.

 

[Politico]

Won't happen because Americans are pussies. But yes.

 

[Muhammed]

The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time.

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

 

[AmazonTania]

The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time.

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

That covers only 1% of us.

 

[Billo_Really]

Absolutely.

 

[Polk]

The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time.

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

Gramm–Leach–Bliley repealed the most substantive provisions.

 

[Kimura]

The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time.

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

Gramm–Leach–Bliley repealed the most substantive provisions.

Yup.

Either way, the sheer amount of control fraud on Wall Street is mind boggling. I'd like to see Glass-Steagall brought back with a vengeance.

 

[AmazonTania]

The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time.

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

Gramm–Leach–Bliley repealed the most substantive provisions.

Only two provisions were repealed. Those provisions had zero to do with the financial crisis.

 

[Polk]

Bullshit.

All of us who are not ignorant of history know that it was not repealed.

Gramm–Leach–Bliley repealed the most substantive provisions.

Only two provisions were repealed. Those provisions had zero to do with the financial crisis.

That's pretty clearly false. It repealed three whole subsections of U.S. Code. You're going to tell me those three subsections contained two provisions between them?

 

[MikeK]

Why re-enact a law which generally had nothing to do with the financial crisis at all.

Glass-Steagall is generally drummed up by those who do not understand the direct causes of the financial crisis. And with so many people so ignorant in this country, we are only doomed to repeat the same mistakes.

Tania,

Do yourself a big favor and watch the very educational video available (for free) via the link in my signature line (below). It starts off slow but gets better as it goes along.

 

[MikeK]

Won't happen because Americans are pussies. But yes.

I don't know about "pussies." Complacent, apathetic, divisive, uninformed, distracted, and in some examples simply stupid, are more accurate descriptors. The main problem is our government is almost totally corrupted by money. That can be changed but things will need to get worse before the American people wake up, stand together, and execute a full-scale purge of those whores in the Congress who are working for the corporatocracy.

It will take time, three or more election cycles, to replace the politicians in Congress with statesmen. But once we can get federal and state elections financed with public money, completely eliminating private money from the process, we can build a Nation to be proud of again.

Bush's outrageous performance pushed the American People in the direction of provocative discontent. But the banks and finance industries promoted Obama whose job it is to maintain the corporatist status quo and the politically divided population while keeping the lid on, which is exactly what he's doing.

Barack Obama is a venomous pacifier.

 

[AmazonTania]

Why re-enact a law which generally had nothing to do with the financial crisis at all.

Glass-Steagall is generally drummed up by those who do not understand the direct causes of the financial crisis. And with so many people so ignorant in this country, we are only doomed to repeat the same mistakes.

Tania,

Do yourself a big favor and watch the very educational video available (for free) via the link in my signature line (below). It starts off slow but gets better as it goes along.

I've already thoroughly debunked that video two years ago. Regardless of whether or not I agree, I always try to keep my reading and video collection as balance and I can stand.

Nonetheless, I can already tell you are confused about the role regarding Glass Steagall. Most people are.

 

[AmazonTania]

Gramm–Leach–Bliley repealed the most substantive provisions.

Only two provisions were repealed. Those provisions had zero to do with the financial crisis.

That's pretty clearly false. It repealed three whole subsections of U.S. Code. You're going to tell me those three subsections contained two provisions between them?

What sections are you talking about. Only Section 20 and 32 of Glass Steagall was removed. Whatever sections of the US Code you are referring to is probably just as unrelated to the problems as Glass Steagall was.