Quote:
Originally Posted by plannine
And that worked well until the Bell's convinced the Gov, that they didn't need the oversite and regulations. And now we are back to one major phone company (the former SBC now ATT)
Of course the head ringmaster of the merging of the bells is now on the New GM board.
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Interesting that you should say that, because it's the very thing that banks did after the Democrats put on the Glass/Steagall Act into place clear back in 1933.
The Glass/Steagall Act was written to prevent this very thing from happening.
Banks were to stay out of the securities and insurance business as a start, and were regulated very heavily ... 80 years later, after all of the restrictions of the Glass/Steagall Act were eventually removed .. we're right back to where we were in 1929.
Banks should never ever be allowed to underwrite their own securities. Banks should never ever be allowed to own their own securities firms.
There are those who say that it will get worse ... much worse ... and for the most part .. they are right.
Doom and gloom would be a good thing when you consider what the financial industry has done to us and our nation.
And then we'll consider the insult added to injury with regard to Obama's domestic policies ... boy .. the coming years are going to be very interesting indeed.
Hold on
It'll be a pretty wild ride.
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