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"The Republican Party is going after the big banks.
"As the GOP convention gets under way in Cleveland, a top adviser to presumptive nominee Donald Trump said the party wants to revive the Glass-Steagall Act, Depression-era legislation that helped prevent big bank "supermarkets" but which was repealed in 1999.
I am all for this, this country was in much better shape when Glass-Steagall was in place.
Time to end the Gravy Train for the irresponsible and bring back responsibility to the stock market.
There are many laws in place to protect us from thieves and scoundrels and you see many here agree and support these laws and their enforcers, but none for the thieves on Wall Street as there should be.
This country was in much better shape when the majority of business in this country did not have stocks on Wall Street and when they competed for customers by making HQ Products rather than competing for politicians and slave labor trade deals that brought us 2 dollar trinkets from China so that shareholders can make bank.
The Majority of Big Business of today do not work for their customers but for their shareholders via their political puppets. The customers are muppets to them.
Reinstating Glass-Steagall is a small start but moreover, the Banking Lobbyists need to be thrown out of DC
“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.” – Samuel Adams.
I think I've got the GOP and the DNC difference figured out. The GOP sees the country's problems as government based and want the people to fix things by changing government, the DNC blames the country's problems on the people and wants government to fix things by changing the people.
Sadly, I think this is more hope and change from politicians
The Banksters own our government.
There are 20 Banking Lobbyists for every politician and they shovel millions into politicians coffers.
What is Trump or Hillary going to do about the Banking Lobbyists that control the majority of politicians around them?
The bipartisan embrace of the law’s return is particularly striking, given that legislative efforts to do just that have gained zero momentum in Congress. Legislation to reestablish Glass-Steagall has been introduced in both chambers in recent years, but such a bill has never even gotten a hearing, let alone serious consideration by legislators. In the Senate, a bill from Sen. Elizabeth Warren (D-Mass.) has just nine cosponsors, while a companion bill in the House has just eight backers.
The reason why? Simple. It is the banks, not the executive, not the legislative, that decides what happens in America, either directly or through the bank-owned Federal Reserve bank. How much privately-owned? We don't know, but we remember what Bernanke's former advisor said just three months ago: "People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned".
I think I've got the GOP and the DNC difference figured out. The GOP sees the country's problems as government based and want the people to fix things by changing government, the DNC blames the country's problems on the people and wants government to fix things by changing the people.
Goldman Sachs $1,033,204
Bank of America $1,013,402
Morgan Stanley $911,305
JPMorgan Chase & Co $834,096
Wells Fargo $677,076
Credit Suisse Group $643,120
Citigroup Inc $511,199
Barclays $446,000
Rothman Institute $259,500
And they were able to do that because the Tea Party (paleoconservatives) are now in control, while the neocons (the liberal, Rockefeller infection) are scurrying down the mooring rope like Norway rats, and staying away.
Who would have ever thought that the Tea Party was for more intrusive Big Government regulation?
If Glass-Steagall was still operative, there would have been no housing based derivatives, no MBS, no big bank bailouts, and no big political contributions from the big banks.
European bankers are much more conservative. In some countries the bank CEO is PERSONALLY liable for bank losses. That is opposite in good ole USA.
American Bank CEOs need to have some skin in the game and not be handed out golden parachutes
The Bank executives of BOA & Citi were paid more money than ever right through the banking crisis.
Who would have ever thought that the Tea Party was for more intrusive Big Government regulation?
We need to bring back double-liability to banks and investment houses, as in the 19th century.
If a bank made unwise or risky choices, not only were the shareholders in the bank wiped out, they also were liable to still pay their debts after bankruptcy.
Our present system is the worst and encourages corruption. The bankers can basically play for free and create all the debt they want as they implicitly have the FED and the US Government behind them.
If we can’t get rid of the Federal Reserve, then at least make the banks and bankers highly responsible.
The Banks need to have some responsibility and skin in the game.
I would rather they gamble with their own money than gamble with depositors and muppet investor money
First they abolish it, then they want to bring it back.....go figure....
Indeed.
First off, GS was never repealed.
A portion of it was made obsolete by the Financial Modernization Act, aka the Gramm- Leach- Bliley Act. All are Republicans.
The banking lobby advocated for this going back to the Reagan years. Greenspan advocated for it. And a Republican majority eventually made it happen. Some of those who favored this remain in Congress including but not limited to Jeff Sessions and John McCain.
As these things go, they tend to get bundled into bigger bills to built consensus across party lines.
Greenspan had already given the merger of Citibank and Travels Insurance the green light to merge before Congress passed the bill.
Elizabeth Warren has been a long time advocate for increased regulation and break up of big banks. This has not gone over well in Congress.
I would not hold my breath that Congress is going to suddenly embrace Warren's position.
As amazing as it is that people exist who actually consider Bush a "leftist" ...
The circumstances around Gramm-Leach-Bliley were in fact the reverse. It was a law created by 3 Republican legislators in a Republican-dominated legislature, supported by 96% of Republican senators and 84% of Democratic senators, and signed into law by Bill Clinton.
A true example of bipartisanship.
About 15 years in the making.....
It was eventually rolled into a larger more encompassing bill.
Passage was possible because the Republicans controlled both chambers.
By that time Greenspan had tired of the dilly dally and had given the Greenlight to the Citibank- Travelers merger based on his personal interpretation of GS.
If Glass-Steagall was still operative, there would have been no housing based derivatives, no MBS, no big bank bailouts, and no big political contributions from the big banks.
European bankers are much more conservative. In some countries the bank CEO is PERSONALLY liable for bank losses. That is opposite in good ole USA.
American Bank CEOs need to have some skin in the game and not be handed out golden parachutes
The Bank executives of BOA & Citi were paid more money than ever right through the banking crisis.
Before Glass Steagall there were in fact housing based derivatives, MBS, big bank bailouts and I find it truly hard to believe that Big Banks were not contributing to political parties although I don't know the numbers.
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