Wall Street & Steagall Act

Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. 5.0/5

Wall Street Steagall Act Great Depression Elizabeth Warren Bill Clinton Jamie Dimon Morgan Chase Goldman Sachs Mitt Romney President Obama Social Security Sandy Weill President Clinton Robert Rubin Federal Deposit Insurance Corporation Jimmy Carter Federal Reserve

Reinstating the Glass-Steagall Act is necessary to ensure that hardworking Americans aren’t responsible for Wall Street’s…
A 21st century Glass-Steagall Act is the best solution to stop Wall Street's greed and irresponsible behavior, which has…
We need to reinstate a 21st century Glass-Steagall Act to keep Wall Street from gambling with people’s savings - a recipe…
"21st century Glass-Steagall Act... Wall Street will respond with a huge disinformation campaign"
Wall Street should not be able to gamble with your bank deposits. It is time to pass a 21st Century Glass-Steagall Act.
I blame Clinton for the recession. He deregulated Wall Street, repealed Glass-Steagall Act and off we went.
Glass-Steagall Act: "In short, banks could no longer gamble on Wall Street with depositors’ money."…
"breaking up the major financial institutions on Wall Street and the passage of a 21st Century Glass-Steagall Act" !!VOTE!!
A top advisor to Donald Trump says the party wants to resurrect the Glass-Steagall Act -- the 1930s legislation...
Stand with Elizabeth Warren: Tell Congress to rein in Wall Street with the 21st Century Glass-Steagall Act | CREDO
America deserves to see Wall Street and Company held accountable for abusing the law after the repeal of the Glass-Steagall Act.
News that Goldman-Sachs is pushing the envelope by betting its money on risky investments should be a clear signal, if we needed another, that Wall Street is dangerously off track again. With Elizabeth Warren declaring herself out of the running, HRC could do herself, the Democratic base, many Independents, and even anti-crony-capitalist Republicans, a great deal of good by stating as clearly as possible – perhaps in a speech to top Wall Street leaders (but, please, not in a fund-raiser!) – that we’re perilously close to going back to the way things were before the 2008 Wall Street meltdown, and therefore (1) Wall Street must stop trying to roll back Dodd Frank, and Congress must stop doing so, (2) the size of the biggest banks (which are far larger now than they were in 2008) must be limited, (3) the Glass-Steagall Act must be resurrected (in the form it was before the Street began whittled it away in the 1980s and 1990s), and (4) there should be a clear and strong definition of “Insider Trading ...
Fact alert re. Mario Draghi: Rolling Stone journalist Matt Taibbi wrote colorfully of it: The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates. Goldman has spawned an unusual number of EU and US officials with dictatorial power to promote and protect big-bank interests. They include US Treasury Secretary Robert Rubin, who brokered the repeal of the Glass-Steagall Act in 1999 and passage of the Commodity Futures Modernization Act in 2000; Treasury Secretary Henry Paulson, who presided over the 2008 Wall Street bailout; Mario Draghi, current head of the European Central Bank; Mario Monti, who led . ...
Senator Blasts Citigroup [Wall Street] in Favor of Tax Payers - Warren: "Let’s Pass the Bipartisan 21st Century Glass-Steagall Act" December 19, 2014 On December 12, 2014 Sen. Elizabeth Warren took to the floor of the Senate for the third day in a row to oppose the provision attached to the omnibus spending bill guaranteeing government support for financial derivatives. In the speech she called for immediate action to restore the Glass-Steagall Act to break up the Wall Street banks. The transcript of those remarks appear below: Mr. President, I’m back on the floor to talk about a dangerous provision that was slipped into a must-pass spending bill at the last minute to benefit Wall Street. This provision would repeal a rule called, and I’m quoting the title of the rule, “PROHIBITION AGAINST FEDERAL GOVERNMENT BAILOUTS OF SWAPS ENTITIES.” On Wednesday, I came to the floor to talk to Democrats, asking them to strip this provision out of the omnibus bill and protect taxpayers. On Thursday, I came to ...
It's time to shut down Wall Street with the Glass Steagall Act
Elizabeth Warren Champions Bill to Restore Glass-Steagall Act and Rein in Wall Street via
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WALL STREET VETOES THE PRESIDENT: Once upon a time, in 1995, we had a president who—with the support of his advisors—was willing to do the right thing and stand up to Wall Street, which had by then already taken over most of Washington. President William Clinton considered a Senate Bill called the Private Securities Litigation Reform Act of 1995. -- The Bill's proponents, a corporate coalition—Wall Street banks and brokers, accountants, insurers, Silicon Valley—wanted the banker-friendly bill which would make it more difficult to prove securities fraud. -- The bill's opponents felt it would shield securities fraud by these companies. ■ The Wall Street Lobby Owns WASHDC politicians, and so their bill prevailed. Furthermore, in his second term, a politically weak President Clinton gave game-changing concessions to WALLST — deregulating the financial services industry, supporting the repeal of the Glass-Steagall Act, and leaving derivatives transactions unregulated— which within a decade had .. ...
!!! The original EVIDENCE 'way back when' proves what many of us knew all along...from research we did THEN, and what many 'insiders' tried to make public, but were degraded and silenced by the 'Bubba', HRC/Clinton administration. Suz/Shadow ...evidence ...bragged ...clear pattern of increased default ...Robert Rubin ...community-activist group ACORN ...held repeal of the Glass-Steagall Act hostage ..."extend the CRA to Wall Street firms" and wanted to extend it to insurers, Mutual Funds and mortgage bankers. ..."These White House papers are smoking-gun evidence of Clinton's CULPABILITY in creating the subprime bubble. The mainstream media's SILENCE is DEAFENING." Clinton Library's Doc Dump Reveals CRA Fueled Subprime Bubble
FDIC Sues 16 Mega-Banks and British Banks' Association Over LIBOR Interest-Rate Rigging On Friday the Federal Deposit Insurance Corporation filed suit against 16 of the world's mega-banks, and against the British Banks' Association, for colluding to rig the interest-rate-reference figure, the Libor (London Interbank Offered Rate). This action follows many other lawsuits against Wall Street banks for Libor-rigging, filed over the last 50 months by municipalities and other entities looted by the mega-banks through Libor-based interest rate swaps and other scams. The pattern and evidence of fraud are overwhelming, which only shows the necessity to stop the whole game, by re-instating the Glass-Steagall Act in the United States. Legislation is ready and waiting in Congress. The new FDIC lawsuit, filed in the Federal District of New York, charges that the conduct of the accused entities caused significant losses to 38 banks that the FDIC had to take into receivership since 2008. This list of stricken banks inc ...
Tomorrow I'll be at the Bexar County Young Democrats endorsement meeting. Here are two of my answers to their questionnaire about the high cost of an education and the lack of employment, for young adults: 1) Do you have a plan regarding higher education costs? A University education was much cheaper 50 years ago, because the nation was much more productive in the agro-industrial sectors. Tuition costs have been passed on down to the students because our nation is bankrupt; in order for the current monetary system to perpetuate its power structure, they are raising prices and cutting programs across the board, but especially in specialized physics research and arts programs. The first thing we must do is reinstate the Glass-Steagall Act, ending Wall Street's speculation with student loan debts, credit card debts, car payments, and other commercial assets. This will cancel 99% of the investment portfolios in circulation, which were illegitimate anyway because they were just parasitizing off the commercial ...
Main Street has paid the price for risky gambling on Wall Street for too long. I've introduced a Glass-Steagall Act for…
President Obama is calling on Congress today to put more money into agencies responsible for enforcing new financial regulations. Small chance. Wall Street lobbyists have made sure the Street can continue gambling with our money by (1) delaying and watering-down Dodd-Frank (not even the Volcker Rule, designed to make sure federally-insured deposits aren't used in the Street's casino, is out yet); (2) diluting and contesting (through endless litigation) regulations that agencies were supposed to devise under Dodd-Frank; and (3) making sure those agencies haven't had enough funding to enforce those regulations. Five Years after the Street almost melted down, requiring a massive taxpayer-funded bailout and propelling the economy into the deepest downturn since the Great Recession, not a single top executive has been indicted, and almost nothing has changed. One of the biggest failures of the Obama White House (and Tim Geithner as Treasurer) was not to condition the bailout on the willingness of the banks to ...
Senator Elizabeth Warren is fighting back against Wall Street gambling with taxpayer money by introducing a 21st century version of the Glass-Steagall Act. Can you join as a signer on the petition asking Congress to pass this crucial legislation?
FDIC's Hoenig to Germany: Get Serious About Deutsche Bank! Sixty years after President Franklin Delano Roosevelt freed the U.S. from the control of Wall Street, with the Glass-Steagall Act that cut "investment" banks off from commercial banks and deposits and then from government support, Thomas Hoenig, the Vice President of the U.S. Federal Deposit Insurance Corporation (FDIC) created by that 1933 Act, has struck terror into the hearts of German apologists for "universal banks," which in Germany means above all, nothing less than Deutsche Bank (DB). The June 13 interview with Hoenig in Germany's Handelsblatt ran with a big picture of him under the headline, "The Enemy of Wall Street." The subhead continued, "The most important money institutions must be broken up. A similar attack is being prepared in Europe." Then on Friday, in an interview with Reuters — widely commented upon — Hoenig attacked Deutsche Bank: "It's horrible, I mean they're horribly undercapitalized." He stated Basel III rules are no ...
DODD-FRANK KILLS: HOW THE U.S. JOINED THE INTERNATIONAL BAIL-IN REGIME LEANDRA BERNSTEIN May 26, 2013 Hearings continue taking place in the House and Senate to review what exactly was voted into law with the 2010 Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) even as the rules for implementing the law are still being written. According to LaRouchePAC and EIR sources on Capitol Hill, there is little to no recognition of the key fact of Dodd-Frank. Namely, Title II of the Act to establish an Orderly Liquidation Authority, vests the FDIC with the authority to conduct a European-style bail-in. The preamble to the Dodd-Frank Act claims “to protect the American taxpayer by ending bailouts.” This is done, however, through bail-in, a critical feature of the internationally established regime of what is called cross-border bank resolution. Bail-in, in its simplest terms, is the inverse policy of what was done under Franklin D. Roosevelt’s Glass-Steagall Act and the 1933 Banking Act gener ...
Glass-Steagall Support from Alaska to Sri Lanka Paul Craig Roberts, the former Assistant Secretary of the Treasury under Ronald Reagan, has a May 31 column that again warns that the repeal of Glass-Steagall was responsible for the "ongoing financial crisis," and that the Fed's QE policy has produced "huge bond and stock market bubbles" that are going to "pop." Roberts' column first appeared in the Sri Lanka Guardian and has been picked up by scores of blogs. Roberts writes, "Economists are also unaware of the social costs of deregulation. The ongoing financial crisis, which requires massive public subsidies to banks too big to fail, is a social cost resulting from government accommodating Wall Street pressure to deregulate the financial system by repealing the Glass-Steagall Act, by removing the position limits on speculators, by preventing the CFTC from regulating derivatives, and by turning the Anti-Trust Act into dead-letter law and permitting massive economic concentrations. The social costs of succes ...
AMERICAN TERRORIST PAGE 1 BILL & HILLARY’S ROLE IN THE FINANCIAL MELTDOWN Sen. Hillary Clinton (D-N.Y), in her presidential campaign, has made much political hay out of her proposal to reform the mortgage industry, which has been devastated by risky financial schemes that have made billions for the bankers and created more debt for the people. What she has not conceded, however, is the role her husband, former President Bill Clinton played in loosening regulations on Wall Street that were originally designed following the Great Depression to counter greed and corruption in the market. In the wake of the 1929 stock market crash, amidst charges of massive fraud on the part of international bankers, Congress took action in 1933 to pass the Glass-Steagall Act, which essentially prevented banks from dabbling in investment schemes. Reports at the time of the Great Depression snow that millions of Americans saw their life savings evaporate overnight. Billions of dollars that had been invested by the banks lite ...
Before Bob Rubin stepped down in 1999 as Clinton's Treasury Secretary, he convinced everybody to repeal the Great Depression era's Glass-Steagall Act to allow Citi to become a superbank. In the following 6 years, a grateful Citibank rewarded him $126 million for the service that he had rendered. Now the Finance guru is back, and nobody in the media is going to say a word about this past, and everyone in Wall Street who knows about this past is welcoming him back. SHAMELESS!. There is nothing wrong with economics, we may never find out the best policy, but we already know enough of what not to do, and what to avoid, but it is figure like Bob Rubin who destroys the lives of millions so that he could earn his well deserved golden parachute. When he was still the Treasury Secretary, he openly lamented the fact that he gave up tens of millions for his service to the country, I guess he more than made it up afterwards.
People who blame bush for the Great Recession are not understanding the facts. Facts are: One Democratic president, Franklin Roosevelt, put a cage round Wall Street after its excesses in the 20s led to the Wall Street crash and the Great Depression. Another Democrat, Bill Clinton, gave Wall Street the cage keys. After a fierce lobbying campaign, Clinton agreed to repeal the Glass-Steagall Act, which ensured a complete separation between investment and retail banks. The move heralded the coming of superbanks, huge behemoths that took in retail deposits and used them to take highly-leveraged punts in the markets. To make matters worse, Clinton beefed up Jimmy Carter's 1977 Community Reinvestment Act to force lenders to take a more relaxed approach to disadvantaged borrowers. Liberalised banks plus millions of new sub-prime customers equalled one big problem. Housing markets fell! November 13 at 6:34pm · Like · 2..
Robert Reich. The next few months will be critical in terms of getting Obama and Congress to put jobs before deficit reduction. We must also raise taxes considerably on the rich, so we have enough resources to invest in high-quality education for all. The Affordable Care Act should be the first step toward a single-payer health system. The size of Wall Street's biggest banks must be capped, and the Glass-Steagall Act resurrected. We need a carbon tax and/or a cap-and-trade system that reduces carbon emissions and creates incentives for industry to clean up. And instead of cutting Medicare or Social Security we should cut military spending and corporate welfare.
What is the Glass-Steagall Act? It is a law that was put into effect to deal with the Great Depression by Franklin D Roosevelt in 1933. It did wonders. What is it? It is the separation of the commercial banks from the investment banks. So it means that if people lost playing money games they would not get bailed out by taxpayers because the investment banks would not be insured. Also the gamblers could not play with the deposit money, the hard earned money of the people. You can imagine most of the bankers and the financial oligarchs are not for it. The Glass-Steagall Act over the years had many of its benefices taken down and was completely repealed in 1999. The financial meltdown was not caused only by the repeal but the repeal was a big part of it. The bankers could easily get wild without any things to stop them; there were a lot of abuses. And of course then, “please bail us out”. The ones who protect Wall Street and the financial oligarchs do not want the law reinstated of course. You can ...
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Robert Reich has an idea that should be obvious, but apparently is not: "President Obama should propose that the nation's biggest banks be broken up and their size capped, and that the Glass-Steagall Act be resurrected. It's good policy, and it would smoke out Mitt Romney as being of, by, and for Wall Street -- and not on the side of average Americans."
Thanks for sharing, Lisa Battistin Bowman. True, the economy was very healthy during W's first six years, then s*** hit the fan, but that wasn't result of anything he had done. Yes, there were major expenses for the Afghanistan War (began 2001) and Iraq War (began 2003), and he spent more on education than on the Iraq War. However, the major culprit was Pres. Clinton's decision to sign the repeal of the Glass-Steagall Act that let community banks get into the investment banking business. I can imagine how the big Wall Street bankers started drooling at watching the moment of Clinton's penmanship. Now they could create all those sub-prime mortgages, package them into derivatives, and sell them to investors. Those greedy B*ds, didn't care that Pres. Clinton's intent was for poor people to buy houses, even if they couldn't afford them and had to use Food Stamp incomes as part of their ability to pay mortgages. It took years for Clinton's action and ramifications to hit us broadside. And yes, during the last ...
Wataching a documentary "Heist: Who Stole the American Dream" on Link TV (Direct TV Cable). It started with Elizabeth Warren explaining that there had been a financial bust and boom from 1794 until now and that Pres. Franklin Roosevelt's New Deal in the 1930s helped pull the U.S. out of the Great Depression and sought to make sure the common people would be taken care of by creating 1) the FDIC (Federal Deposit Insurance Corporation) to make sure the govt. would reimburse depositors for their money (up to a limit) in a bank if the bank failed; 2) Unemployment Insurance (so if employees got laid off, they would receive some money to keep them going until either they were rehired by their company or found a new job (and companies pay into this program while you are employed there to cover you in case of bad times), and 3) Glass-Steagall Act to make sure the community bank wasn't risking depositers' money on Wall Street. So far so good. The doc goes on to talk about how Republicans have ruined the country th ...
In the blame game for this financial crisis, George W Bush comes a close second to greedy and unscrupulous Wall Street bankers. But there are serious flaws in this argument. Deregulation started long before President Bush came to power, and it was enthusiastically pursued by both Democratic and Republican administrations. Here is just one example: The Glass-Steagall Act of 1933 separated the activities of commercial banks, which take deposits, from investment banks, which invest money. It was repealed in 1999. That relaxation of the rules enabled commercial lenders, like Citigroup, to trade instruments such as mortgage-backed securities and collateralised debt obligations. 'Far-reaching reform' Many see the repeal of the Glass-Steagall Act as a major, direct cause of the current financial crisis. But it was signed by a Democratic President, Bill Clinton, and supported by many other Democratic politicians, among them the scourge of Bush deregulation Nancy Pelosi. What is more, President Bush actually incre ...
Rover the regulator Simple rules may be best for monitoring banks Sep 8th 2012 | from the print edition PITY the financial regulator. The evidence suggests that bank executives, and the independent directors on their boards, fail to understand the complex organisations they control. How is an outside supervisor to manage, particularly when the best and brightest of its staff can be lured away by the higher salaries on offer in the City or on Wall Street? In practice, as Andrew Haldane of the Bank of England highlighted in a speech at the recent Jackson Hole meeting of central bankers (see Free Exchange), regulators have responded by trying to match the complexity of the firms they supervise. The first set of Basel rules on bank capital was just 30 pages long; the second go had 347 pages; Basel 3 has 616. In America the Glass-Steagall act of 1933, which separated commercial and investment banking, was a concise 37 pages; the Dodd-Frank act of 2010 ran to 848, and may spawn a further 30,000 pages of detaile ...
The Dodd-Frank Act to reform Wall Street could run to 30,000 pages, dwarfing the 37-page Glass-Steagall Act of 1933 endured for 60 years
Happy Birthday and best wishes to President Bill Clinton. Born August 19, 1946, the former President celebrates his 66th birthday today. I haven't been a big fan since 1999 when he and his top economic advisers dismantled the Glass-Steagall Act of 1933 which properly regulated the Wall Street banking industry and kept us on safe financial ground for 66 years. The Clinton administration's abandonment of Glass-Steagall helped engineer and expedite the eventual overleveraging of Wall Street leading to the collapse of the country's financial sector which put us in the soup we're in today. Nevertheless, Bill Clinton has grown on me and I recognize that he is the biggest dog in the yard with lots of credibility to speak on the major issues of the day. So Happy Birthday, you ol' Big Dog! --- RAM
The remarkably ironic pronouncement from Sandy Weill that the U.S. should resurrect some form of the Glass-Steagall Act -- which he worked assiduously to tear asunder in the 1990s as he created Citigroup Inc. -- has touched off another a debate about how to control the worst instincts on Wall Street...
Sandy Weill, the once-lionized dealmaker who turned banks into financial "supermarkets" has recanted. Here is a brief of his sordid life: "...After the financial collapse of 1929 led to the Great Depression, the Glass-Steagall Act was passed to protect people's deposits from another system-wide crash by prohibiting banks from also owning stock brokerages, insurance corporations, hedge funds and other shadowy, high-risk financial operations." Weill "...hired a hoard of lobbyists to demand that Washington legalize his illegal structure by simply repealing the pesky law he was blatantly violating. He even brought former President Gerald Ford and former Clinton Treasury Secretary Robert Rubin onto Citigroup?s board of directors to be bipartisan front men leading the charge to kill Glass-Steagall. Sure enough, in 1999, Congress dutifully went along with Weill's push for repeal, and Wall Street promptly rushed to amalgamate more Citigroups, thus creating the "too-big-to-fail" system that — only eight years l ...
See what you think. 10 Things We Want A Proposal for Occupy Wall Street Submitted by Michael Moore 1. Eradicate the Bush tax cuts for the rich and institute new taxes on the wealthiest Americans and on corporations, including a tax on all trading on Wall Street (where they currently pay 0%). 2. *** a penalty tax on any corporation that moves American jobs to other countries when that company is already making profits in America. Our jobs are the most important National Treasure and they cannot be removed from the country simply because someone wants to make more money. 3. Require that all Americans pay the same Social Security tax on all of their earnings (normally, the middle class pays about 6% of their income to Social Security; someone making $1 million a year pays about 0.6% (or 90% less than the average person). This law would simply make the rich pay what everyone else pays. 4. Reinstate the Glass-Steagall Act, placing serious regulations on how business is conducted by Wall Street and the banks .. ...
Wall Street Backs Romney Campaign finance filings show that Mitt Romney's presidential campaign and the super PAC supporting it are outraising President Obama among financial-sector donors $37.1 million to $4.8 million. Near the front of the pack are 19 Obama donors from 2008 who are giving big to Romney. "While the president fought for Wall Street Reform to ensure that we end taxpayer-funded bailouts of the financial sector and protect the middle class from risky financial deals that crash our entire economy, Mitt Romney is actively campaigning on a promise to let Wall Street write its own rules again," said Obama spokesman Ben LaBolt. There is a hail Mary program for Dems and President Obama. Push through a new version of Glass-Steagall Act with he same kind of fervor the Dems used to pass the Affordable Care Act. Show the public that they understand "too Big to fail" and that the Dems have the folks on Main Street's back. It'll never happen most of the dems are owned by big money just like most of the ...
While some may have been busy with a another plate of Big Mac's, Whoppers, or a bag of Twinkies.The Democratic Party is supposed to be looking out for the 99%, yet the Dems have taken far more money from Wall Street. And how is it Wall Street has had ZERO PROSECUTIONS from the Banking Rip off in 2008??. Eric Holder might as well work for the SEC he's been so ineffective at laying a glove on rampant fraud on Wall Street. But the Democratic Party did more than simply take the bribe, they were Wall Street's chief advocates in DC. Particularly during the Clinton Administration. The repeal of the Glass-Steagall Act, a major cause of the financial crisis was signed by Bill Clinton after having been lobbied for by Robert Rubin, Clinton's Treasury Secretary and like Jon Corzine a former CEO of Goldman Sachs and later Chairman of Citigroup as it was bailed out by the Federal government "Only Difference Between Parties: Big Oil owns the Republicans while Wall Street owns the Democrats
The Glass-Steagall Act, repealed in 1999, had set up a firewall between investment banks and commercial banks. Senate Democratic leaders have shown little appetite for taking on Wall Street before Election Day, despite urging by one of their star recruits, Massachusetts Senate candidate Elizabeth Wa...
An email from Elizabeth Warren. David, JPMorgan Chase revised its numbers. Since announcing an incredible $2 billion trading loss 12 days ago, the megabank has now lost another $1 billion, and maybe more, in just a few days. CEO Jamie Dimon is still claiming that it was just a sloppy mistake -- that JPMorgan doesn't need government oversight and accountability. But what if the next loss is $20 billion? Or more? Tens of thousands of people have already signed my petition to Congress to pass a modernized Glass-Steagall Act that will stop investment banks from gambling with money from people's savings and checking accounts. Will you join them? For me, the basic idea is simple: banking should be boring. Checking accounts, savings accounts -- the things you and I rely on every day -- should be separated from the kind of risk taking that JPMorgan and the Wall Street traders want to take. For decades, the Glass-Steagall Act acted as a wall to separate hedge funds and risky investment banking from ordinary commer ...
Tell Congress that we need a new Glass-Steagall Act that reinstates the firewall between the banks we use to keep our money safe and the Wall Street banks that make risky investments.
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Please help Elizabeth Warren & the PCCC campaign for Wall Street Reform via Demand new Glass-Steagall Act
Jamie Dimon, Chief Executive of JP Morgan Chase & Co. argued that the financial system could be trusted; that the near-meltdown of 2008 was a perfect storm that would never happen again. Dimon has been arguing that more government regulation of Wall Street is unnecessary. Last year he opposed the Volcker Rule, a watered-down version of the old Glass-Steagall Act that used to separate commercial from investment banking before it was repealed in 1999. I've had enough. How about you?
HOW THE WORLD ECONOMY FAILED Part 1 by Brandon Hord It all started back in the wake of the Great Depression. With their 20/20 hindsight kicking in, Washington realized that allowing standard depository banks ( the ones that you and I typically go to in order to deposit, withdraw, get loans, etc.) to interact with large investment banks like Goldman Sachs was a bad idea. Therefore, they passed the Glass-Steagall Act in 1933 which severely limited association between these two types of banks, among other things such as establishing the FDIC, which is the group that ensures that our deposits are insured in banks. Under the Glass-Steagall system, banking was safe. Incredibly boring, but safe. However, over time, as the economy started doing better, banks started ignoring Glass-Steagall, and in 1999, President Clinton formally overturned it. Now, banks had an incentive to start making risky investments that further increased the inter reliability of Wall Street firms. It didn't seem to be a big issue, ** ...
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