Repeal of Glass-Steagall led by Sen. Gramm was the driving force allowing Wall St. to bundle mortgages into Mortgage Backed Securities leading to massive fraud and subsequent ruination of countless lives.
So-called progressive democrats no longer support Glass-Steagall because they are in on it. They may give it lip service but their supposed support for it is a throwback to their past.
Donald Trump understands very well the interaction of business and government. There are many many videos of him over the past decades spelling out in precise and deep terms his understanding of taxes, regulation, government, banking, insurance and trade. He is a master; it’s not even a question. If he says reinstate Glass-Steagall, we can take that to the bank.
Thank you for your simple and easily understood explanation of the situation.
Dood - Frank made mom and pop bank depositors deposits unsecured loans to the bank where the deposits are located
This means that widows and orphans savings accounts above FDIC insurance caps can be seized to offset the losses of risky investments made by wealthy and sophisticated investors .
Dont know the possible unintended consequences of re instituting Glass-Steagall at this late date, but it seems that the net effect of a new Glass- Steagall would be to fire wall regular bank deposits away from the risky financial investment side of the business.
It would not invalidate Dodd-Frank but it probably would limit losses
For widows and orphans type accounts to traditional banking exposure instead of unlimited exposure to under write losses from high risk financial and stock market speculation for wealthy, sophisticated investors
It's a start by repealing the monstrosity that is Dodd - Frank and passing a well thought out re do of Glass-Steagall updated for 21st Century interconnected and computerized financial systems to avoid unintended
negative consequences could be a life saver for middle class America if and when we see a serious economic crisis
If Donald Trump can pitch this in ways a joe six pack ( hate that term BTW) person can understand, Trump will play a winning hand by protect small depositors from losing their entire lives savings to under write the high risk, high return investments that make the well connected, wealthy Elite crony capitalists even richer on the backs of the American working class
I'm really more and more impressed and am lliking The Donald more and more as time goes on and he lays out his plans