Crux Posted October 27, 2016 Posted October 27, 2016 http://www.reuters.com/article/us-usa-election-trump-banks-idUSKCN12Q2WA This is something I think he should have made clearer in his campaign and possibly still could. This was a big part of Bernie's campaign, breaking up the banks. It was also Bill Clinton that repealed the Act and broke the Chinese walls that separated the commercial and investment banks and led to the financial crisis. This is at the heart of the problems millennials are suffering from at the moment.
Donnadogsoth Posted October 27, 2016 Posted October 27, 2016 Glass-Steagall: How It Works infographic Glass-Steagall
Mister Mister Posted October 28, 2016 Posted October 28, 2016 On 10/27/2016 at 9:22 AM, Crux said: http://www.reuters.com/article/us-usa-election-trump-banks-idUSKCN12Q2WA This is something I think he should have made clearer in his campaign and possibly still could. This was a big part of Bernie's campaign, breaking up the banks. It was also Bill Clinton that repealed the Act and broke the Chinese walls that separated the commercial and investment banks and led to the financial crisis. This is at the heart of the problems millennials are suffering from at the moment. Actually this is in dispute, especially among us free market people. The causes of the financial crisis are many and complex, but the big one's in my opinion/understanding, were Federal Reserve policies creating easy credit, and Federal Laws designed to increase home ownership and prevent housing discrimination. The combination of these things led to artificial speculation in the housing market which created a bubble, and we know how the rest went. Here's more info I'd recommend http://tomwoods.com/podcast/ep-561-capitalism-not-guilty-of-creating-the-housing-bubble/ http://tomwoods.com/podcast/ep-638-did-deregulation-cause-the-financial-crisis/ http://tomwoods.com/blog/repeal-of-glass-steagall-had-nothing-to-do-with-the-crisis/ http://tomwoods.com/blog/the-glass-steagall-myth-revisited/
Anuojat Posted October 28, 2016 Posted October 28, 2016 On 10/27/2016 at 10:41 PM, Donnadogsoth said: Glass-Steagall: How It Works infographic Glass-Steagall Ive read some of that stuff but could you clarify to me how would putting in a "protection" by government make thing better? Didnt government create this messin the banking system with the FED and Fincen in the first place? That artictle curiously doesnt even mention regulatory capture as far as i could tell...
Donnadogsoth Posted October 28, 2016 Posted October 28, 2016 On 10/28/2016 at 9:46 AM, Anuojat said: Ive read some of that stuff but could you clarify to me how would putting in a "protection" by government make thing better? Didnt government create this messin the banking system with the FED and Fincen in the first place? That artictle curiously doesnt even mention regulatory capture as far as i could tell... Anything can be corrupted, in theory. We must rake the leaves knowing the leaves will fall again one day. All I know is that this law worked from 1933-1999, and after it was repealed things got hairy.
Anuojat Posted October 28, 2016 Posted October 28, 2016 On 10/28/2016 at 2:06 PM, Donnadogsoth said: Anything can be corrupted, in theory. We must rake the leaves knowing the leaves will fall again one day. All I know is that this law worked from 1933-1999, and after it was repealed things got hairy. So government created bubble and worst crash and great depression was "solved" with Glass Steagall? Or is it jsut another law draped over governments failures? If so, why nto go straight to free market system BEFORE the fed? Or is Trump asserting baby steps bakwards is needed?
aviet Posted October 28, 2016 Posted October 28, 2016 It's so interesting to see how as the likes of Donald Trump adopt these policies, the likes of The Guardian and Chomsky-ites, are relinquishing them after holding them for so long.I now regularly see/hear regressives making arguements for Goldman Sachs, Amazon, bringing in foreigners to work for sub-minimum wage.I thought these were meant to be our arguments? 1
Donnadogsoth Posted October 28, 2016 Posted October 28, 2016 On 10/28/2016 at 4:06 PM, Anuojat said: So government created bubble and worst crash and great depression was "solved" with Glass Steagall? Or is it jsut another law draped over governments failures? If so, why nto go straight to free market system BEFORE the fed? Or is Trump asserting baby steps bakwards is needed? Glass-Steagall was a partial solution. FDR couldn't do everything, and was blocked by his inconvenient death. Trump called for the auditing of the Fed, as I recall. He's the biggest, most successful anti-establishment candidate in American history, we can cut him some slack if he doesn't walk on water.
Mister Mister Posted October 29, 2016 Posted October 29, 2016 On 10/28/2016 at 2:06 PM, Donnadogsoth said: Anything can be corrupted, in theory. We must rake the leaves knowing the leaves will fall again one day. All I know is that this law worked from 1933-1999, and after it was repealed things got hairy. define "worked"... the financial system that allowed for the Great Depression, WWII, Korea, Vietnam, the Great Society programs, the War on Drugs, stagflation in the 70s, the Department of Education, the Gulf War, trillions in debt, and all the rest of it, works how exactly? Anuojat has it right. Glass Steagall and other regulations of it's kind are just an attempt to manage the fraud and counterfeiting of the central bank.
rosencrantz Posted October 29, 2016 Posted October 29, 2016 Quote the financial system that allowed for the Great Depression, The Great Depression was before the Glass-Steagall act. Quote WWII, Korea, Vietnam How are wars influences by a law regulating investment banking? Quote the Great Society programs, the War on Drugs, stagflation in the 70s, the Department of Education, the Gulf War, trillions in debt You forgot the failure of Pepsi, the Red Sox not winning the World Series and so on. Glass-Steagall seperated commercial from investment banking. If your investment bank collapsed, tough luck. The government didn't back you up. Combining those two made the investments banks do crazy and crazier bets over time, until the CDO were 50 times the amount of credit issued because they speculated that the government would bail them out. 1
Donnadogsoth Posted October 29, 2016 Posted October 29, 2016 On 10/29/2016 at 5:13 AM, RoseCodex said: define "worked"... the financial system that allowed for the Great Depression, WWII, Korea, Vietnam, the Great Society programs, the War on Drugs, stagflation in the 70s, the Department of Education, the Gulf War, trillions in debt, and all the rest of it, works how exactly? Anuojat has it right. Glass Steagall and other regulations of it's kind are just an attempt to manage the fraud and counterfeiting of the central bank. Was there another Great Depression in the period 1933-1999? If not, it worked.
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