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Why do progressive leftists hate the Glass-Steagall Act so much that they want to keep it repealed?
Hillary Clinton, Wall Street's errand runner, wants to keep it repealed after her husband repealed it. And Bernie, who loves too-big-to-fail, endorses keeping it repealed.
You do realize that Sanders lost a primary to Hillary, it is customary for the one who lost to endorse the one who won....now the better question, how many speeches and rallies has Sanders given for Hillary? How much as Sanders campaigned for Hillary? That is what you have to look at to see if a politician really supports someone they have endorsed.
You do realize that Sanders lost a primary to Hillary, it is customary for the one who lost to endorse the one who won....now the better question, how many speeches and rallies has Sanders given for Hillary? How much as Sanders campaigned for Hillary? That is what you have to look at to see if a politician really supports someone they have endorsed.
You're admitting that Bernie can't speak truth to power. And you're proud that he can't.
You're admitting that Bernie can't speak truth to power. And you're proud that he can't.
Sanders is no longer campaigning because he lost to Hillary, he simply endorsed her, which was less of an endorsement and more a speech about what he campaigned on.....not sure why you are so hung up on this, but you seem to be posting this same thread over and over each day since he ended his campaign.....
Why do progressive leftists hate the Glass-Steagall Act so much that they want to keep it repealed?
Hillary Clinton, Wall Street's errand runner, wants to keep it repealed after her husband repealed it. And Bernie, who loves too-big-to-fail, endorses keeping it repealed.
Wall Street is non- partisan. They support and influence outcomes in their best interests.
A portion of Glass Steagall was repealed in 1999, as a part of the Financial Services Modernization Act aka the Gramm- Leach- Bliley Act.
The banking lobby began influencing FRB and Congress in the 80's. Greenspan supported the repeal.
He eventually tired of Congress dilly dallying and went ahead and gave the green light to the merger of Citibank and Travelers Insurance.
Gramm- Leach- Bliley were the sponsors and all are Republicans. With few exceptions, it was passed along party lines with Republicans holding the majority. Some of those who supported this legislation are still in Congress including Jeff Sessions and Mc Cain.
The US has historically bailed out banks, Savings &Loans, railroads and auto manufacturers regardless of Glass- Steagall.
Had Congress not gone along with TARP they would not have been able to avoid making good on the FDIC guarantee.
This legislation is now 17 years old. It has not mattered which party has held the majority or who sat the oval. There has been no serious attempt to repeal it.
Subsequent, the Dodd Frank legislation to increase regulation of Wall Street was a Democrat initiative substantially diluted to enable passage. Romney campaigned on repealing Dodd- Frank- the very regulations designed to mitigate the liklihood of another meltdown for similar reasons.
Elizabeth Warren is an advocate for consumer protection and increased transparency of the banking industry. Republican are not drinking the regulatory tea she is serving
Wall Street is non- partisan. They support and influence outcomes in their best interests.
A portion of Glass Steagall was repealed in 1999, as a part of the Financial Services Modernization Act aka the Gramm- Leach- Bliley Act.
The banking lobby began influencing FRB and Congress in the 80's. Greenspan supported the repeal.
He eventually tired of Congress dilly dallying and went ahead and gave the green light to the merger of Citibank and Travelers Insurance.
Gramm- Leach- Bliley were the sponsors and all are Republicans. With few exceptions, it was passed along party lines with Republicans holding the majority. Some of those who supported this legislation are still in Congress including Jeff Sessions and Mc Cain.
The US has historically bailed out banks, Savings &Loans, railroads and auto manufacturers regardless of Glass- Steagall.
Had Congress not gone along with TARP they would not have been able to avoid making good on the FDIC guarantee.
This legislation is now 17 years old. It has not mattered which party has held the majority or who sat the oval. There has been no serious attempt to repeal it.
Subsequent, the Dodd Frank legislation to increase regulation of Wall Street was a Democrat initiative substantially diluted to enable passage. Romney campaigned on repealing Dodd- Frank- the very regulations designed to mitigate the liklihood of another meltdown for similar reasons.
Elizabeth Warren is an advocate for consumer protection and increased transparency of the banking industry. Republican are not drinking the regulatory tea she is serving
Like Bernie, Elizabeth Warren endorses Hillary and her secret speeches to Wall Street, and her support of crony Wall Street banking and enabling banks to open up trading floors in their buildings and gamble on markets.
Do you want too-big-to-fail banks playing the stock market? Because that's what Glass-Steagall prevented before Bill Clinton repealed it.
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