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Goldman Sachs, JPM and BoA will see to it that it never gets re-instated.
Wasn't even part of the big "financial reform" bill.
And they are still wheeling and dealing like nothing happened.
What did we get from it ? Why increased fees and disappearing "free" services.
The government is run by big business. Get used to it.
The repeal of Glass-Steagall was an act that exemplifies the quote by Einstein: "Insanity is doing the same thing over and over again and expecting a different result".
It was put in place for a reason. The reason ignored for ideological ends.
they became 'too big to fail' before the repealing of G-S
1987 chemical bank merged in to jp morgan
1987 first fidelity into wells fargo
1988 fleet into norstar into bank of america
1990 bank of new england into BOA
1992 manufactorers hanover and trust into jp morgan
1996 chase manhattin into jp morgan
1996 Meridian Bancorp into wells fargo
1997 signet into first union into wells fargo
1998 travelrs into citi
1988 barclays into wells fargo
yes many happend after gs.. but the 'too big to fail' happend before Gs
housing bubble started BEFORE 1999
fannie/freddie et al...BEFORE 1999
Last edited by workingclasshero; 02-11-2011 at 02:01 PM..
Why we are in this mess. We need to reinstate Glass Steagall. Those protections were put in place in light of the great depression.
While I agree that the repeal of Glass-Steagall was a HUGE mistake, your link is extremely biased and gives an extremely slanted and "pat", partisan explanation as to who was behind its repeal, and who worked the longest and hardest to see that actually happen.
Beginning in the 1960s, banks lobby Congress to allow them to enter the municipal bond market, and a lobbying subculture springs up around Glass-Steagall. Some lobbyists even brag about how the bill put their kids through college.
. . .
In 1991, the [George H.W.] Bush administration puts forward a repeal proposal, winning support of both the House and Senate Banking Committees, but the House again defeats the bill in a full vote. And in 1995, the House and Senate Banking Committees approve separate versions of legislation to get rid of Glass-Steagall, but conference negotiations on a compromise fall apart.
. . .
In May 1998, the [Republican controlled] House passes legislation by a vote of 214 to 213 that allows for the merging of banks, securities firms, and insurance companies into huge financial conglomerates. And in September, the Senate Banking Committee votes 16-2 to approve a compromise bank overhaul bill. Despite this new momentum, Congress is yet again unable to pass final legislation before the end of its session.
. . .
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
While I agree that the repeal of Glass-Steagall was a HUGE mistake, your link is extremely biased and gives an extremely slanted and "pat", partisan explanation as to who was behind its repeal, and who worked the longest and hardest to see that actually happen.
Beginning in the 1960s, banks lobby Congress to allow them to enter the municipal bond market, and a lobbying subculture springs up around Glass-Steagall. Some lobbyists even brag about how the bill put their kids through college.
. . .
In 1991, the [George H.W.] Bush administration puts forward a repeal proposal, winning support of both the House and Senate Banking Committees, but the House again defeats the bill in a full vote. And in 1995, the House and Senate Banking Committees approve separate versions of legislation to get rid of Glass-Steagall, but conference negotiations on a compromise fall apart.
. . .
In May 1998, the [Republican controlled] House passes legislation by a vote of 214 to 213 that allows for the merging of banks, securities firms, and insurance companies into huge financial conglomerates. And in September, the Senate Banking Committee votes 16-2 to approve a compromise bank overhaul bill. Despite this new momentum, Congress is yet again unable to pass final legislation before the end of its session.
. . .
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
The Clinton Admin repealed it. That's all that matters. It was a horrible idea.
Why with the D vs R here ? Both parties aided and abetted the banksters.
Enough with the "my party is better than your party". Neither party is good anymore.
The repeal of Glass-Steagall was a great disservice to the American people.
Why with the D vs R here ? Both parties aided and abetted the banksters.
Enough with the "my party is better than your party". Neither party is good anymore.
The repeal of Glass-Steagall was a great disservice to the American people.
Maybe because it was a D administration that repealed it? Maybe? I agree both are f'd up, but I mentioned Clinton because it was his admin that repealed it.
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