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I know the sources are "questionable" and I haven't had time to fully read into the background on this bill and the changes it calls for in associated legislation. However, if Glass-Steagall had never been overturned then this whole derivatives debacle and the paper debt generated by the banks selling derivatives to one another, would not have been able to occur would it?
Wouldn't this bill, or one similar, be the first steps toward more responsible banking practices and be a sign of good faith that the government is not just writing legislation to allow the big banks to rob us all blind as happened with MF Global/the CME most recently?
Isn't this something #occupywallstreet should be pushing?
I know the sources are "questionable" and I haven't had time to fully read into the background on this bill and the changes it calls for in associated legislation. However, if Glass-Steagall had never been overturned then this whole derivatives debacle and the paper debt generated by the banks selling derivatives to one another, would not have been able to occur would it?
Wouldn't this bill, or one similar, be the first steps toward more responsible banking practices and be a sign of good faith that the government is not just writing legislation to allow the big banks to rob us all blind as happened with MF Global/the CME most recently?
Isn't this something #occupywallstreet should be pushing?
I don't know if it will fly with the liberals because then it would mean they would have to admit they were wrong. Clinton was wrong and the many times starting in 2001 when attention was being called to this being a problem and them ignoring it. It is election year and I hope this can be put back in place. It never should have been deregulated in the first place.
100% that G-S should be re-enacted. But the laughably flip flop of larouche and his cronies is awesome. Either President Obama is a cronie of Wall St., or he's trying to destroy Wall St., and American free-enterprise. Which is wingers? Which is it?
I don't know if it will fly with the liberals because then it would mean they would have to admit they were wrong. Clinton was wrong and the many times starting in 2001 when attention was being called to this being a problem and them ignoring it. It is election year and I hope this can be put back in place. It never should have been deregulated in the first place.
Ha! Let's see...who was pushing the G-L-B act?! Who was saying that repeal of G-S would lead to banks becoming too big to fail? Requiring a massive bail out? Not any Republican's.
I am no OWS person, but I like the idea of putting it back. I really don't think one side was responsible for repealing it. I think it was pushed by the Rs and signed by Clinton. We know they were all in on goosing the stock market.
To get it reinstated is a losing battle there is too many palms to be greased on both sides of the aisle. The lobbyist would be up there in full force with willing takers. If I remember correctly Obama did not want the repeal that Volker was fighting for and thus it was left out of Dodd/Frank. Lets keep it real our elected leaders are the banksters beeches.
I don't know if it will fly with the liberals because then it would mean they would have to admit they were wrong. Clinton was wrong and the many times starting in 2001 when attention was being called to this being a problem and them ignoring it. It is election year and I hope this can be put back in place. It never should have been deregulated in the first place.
Contrary to the popular belief in the right, President Obama would like to reinstate G-S. The question is, would the republicans allow it while blaming Obama for not doing it?
I believe the President has asked the congress to deliver its word on financial reform (which includes the aforementioned Volcker Rule) by January 2012.
Quote:
Originally Posted by lifelongMOgal
Isn't this something #occupywallstreet should be pushing?
So you were screaming against OWS without having a decent clue about what they were protesting? Perhaps you got your "news" only from where all right wingers prefer to gather.
Last edited by EinsteinsGhost; 12-28-2011 at 08:18 AM..
I know the sources are "questionable" and I haven't had time to fully read into the background on this bill and the changes it calls for in associated legislation. However, if Glass-Steagall had never been overturned then this whole derivatives debacle and the paper debt generated by the banks selling derivatives to one another, would not have been able to occur would it?
Wouldn't this bill, or one similar, be the first steps toward more responsible banking practices and be a sign of good faith that the government is not just writing legislation to allow the big banks to rob us all blind as happened with MF Global/the CME most recently?
Isn't this something #occupywallstreet should be pushing?
Confusing discussion. My take:
a. I support the reinstatement of Glass-Steagall
b. Volcker and "The Big Picture" are credible sources. That Lyndon LaRouche looks like a nutjob.
c. It's not clear to me whether Obama would support a reinstation of Glass-Steagall, or not. I'm very interested to see a credible source regarding Obama's views on G-S/G-L-B. Remember that this was originally bipartisan legislation -- Gramm, Leach, and Bliley were all 3 neoconservative Republicans. Gramm was an economic advisor to McCain as recently as 2008! So there's no reason to think that Democrats are wedded to the GLB act any more than Republicans.
d. the Gramm-Leach-Bliley Act (repeal of G-S) was done mainly so Citibank and Travelers Group could merge. It didn't "cause" the financial crisis or the financial problems, it just (1) made the problems much more difficult to fix, (2) made the problems much more complicated, and (3) is a huge moral hazard with the taxpayer AND the depositor providing fuel for investment banks' commodity gambling, and (4) allows the creation of Mega-institutions which have much more systemic risk.
to me, the real question is -- does the house GOP want to reinstate Glass Steagall? How about John Boehner and Eric Cantor? My guess is: no way in hell. If these guys shot down Elizabeth Warren, watered down the Volcker Rule, and refused to enact most of Dodd-Frank, then why in the hell would they suddenly do a 180 and want to re-regulate the banks by reinstating Glass Steagall?
Last edited by Cletus Awreetus-Awrightus; 12-28-2011 at 08:29 AM..
b. Volcker and "The Big Picture" are credible sources. That Lyndon LaRouche looks like a nutjob.
c. It's not clear to me whether Obama would support a reinstation of Glass Steagall, or not.
President Obama supports the reinstation of Glass Steagall, and has since he was a candidate. His push for Volcker Rule is an evidence of that. However, I'm not sure how much of repeal Volcker Rule would bring, compared to Glass-Steagall. Apparently, there are some differences. Congress is expected to act on it (along with rest of the financial reform) in January 2012. Although, as expected, the congress is being the drama queen, asking for a push back. Of the 121 congressmen, the sad thing is, there are four democrats as well (but then, many democrats did vote for repeal of G-S, and for Gramm-Leach-Bliley). Apparently, they've not been fed enough by the lobbyists to significantly weaken the regulation if not go for the kill. Then... blame Obama for it.
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