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I strongly support brining back the old Glass-Steagall act. Keep consumer banks like Citi, Bank of America, Wells Fargo and JP Morgan banks out of the gambling securities business. Citigroup wouldn't have gotten into so much trouble with a Glass-Steagall type law. Goldman Sachs and other Investment should deal securities but not be allowed to take deposits. They also shouldn't be FDIC backed like Commerical banks. Commercial banks should take deposits, provide loans to consumers and businesses and issue credit card and home mortgages. Remember it was bad bets on subprime mortgages that sunk the financial system not the sub prime loans themselves. Without something like this another financial crisis at some point is almost certain.
Remember it was bad bets on subprime mortgages that sunk the financial system not the sub prime loans themselves.
Actually, it was the subprime loans. Had people been able to afford the loans they took out, we wouldn't be in this mess. Hundreds of thousands of people "owning" homes that they didn't make a down payment on and could barely afford to make the note with everything going good was a situation that was destined to blow up.
Actually, it was the subprime loans. Had people been able to afford the loans they took out, we wouldn't be in this mess. Hundreds of thousands of people "owning" homes that they didn't make a down payment on and could barely afford to make the note with everything going good was a situation that was destined to blow up.
Actually, it was the subprime loans. Had people been able to afford the loans they took out, we wouldn't be in this mess. Hundreds of thousands of people "owning" homes that they didn't make a down payment on and could barely afford to make the note with everything going good was a situation that was destined to blow up.
Well those subprime loans got chopped up and offered on Wall Street as AAA rated paper. Glass-Stegall would have prevented that.
I strongly support brining back the old Glass-Steagall act. Keep consumer banks like Citi, Bank of America, Wells Fargo and JP Morgan banks out of the gambling securities business. Citigroup wouldn't have gotten into so much trouble with a Glass-Steagall type law. Goldman Sachs and other Investment should deal securities but not be allowed to take deposits. They also shouldn't be FDIC backed like Commerical banks. Commercial banks should take deposits, provide loans to consumers and businesses and issue credit card and home mortgages. Remember it was bad bets on subprime mortgages that sunk the financial system not the sub prime loans themselves. Without something like this another financial crisis at some point is almost certain.
I second the motion.
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