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WASHINGTON — President Barack Obama said Tuesday he hopes "it doesn't take too long to convince Congress" to approve new authority to oversee big, tottering financial firms.
The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire banking system.
The fact is that if the Republicant's hadn't rammed the repeal of Glass Steagall through Congress while Clinton was President, we probably wouldn't be in this mess now. Why they thought it was a good idea to merge banks, insurance companies and investment companies was a good idea is beyond comprehension. If the big banks and insurance companies weren't being dragged down by the bad business practices entered into by the investment companies (like the sale of derivatives), the banks and insurance companies would probably be in good shape today. Just look at local banks (who are still just banks) and credit unions. For the most part they are in good shape and even doing better than they were before because they are picking up so many customers who have fled the big banks.
We need to have enough regulation that no company can ever again be "too big to fail".
WASHINGTON — President Barack Obama said Tuesday he hopes "it doesn't take too long to convince Congress" to approve new authority to oversee big, tottering financial firms.
The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire banking system.
Yet another step toward total takeover.
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