Banks need to be broken up, Glass-Stegall brought back, Dodd-Frank done away. What we have now only benefits the top 10% of the population.
ttp://www.salon.com/2015/07/18/robert_reich_hillary_clinton_is_making_a_big_mistake_by_not_reinstating_the_glass_steagall_act_partner/
Yup, health insurance restricted to individual states and banks with no such restrictions has got it backwards. Limiting banks to a single state reduces “Too big too fail”. For the REALLY big projects, multiple banks can be used.
I’m not all in for Trump economics, but he sure got this one right.
Yep.
Yup. It’s the right thing to do.
Not to mention it will get him a lot of Democrat votes.
You are absolutely correct. Investment banks and commercial banks are two different entities. That rubbish about a “Chinese wall” is just that.
I work in the Financial Services Industry and you're 100% correct.
The repeal of Glass-Stegall under the Clinton Administration created the mess we're in by enabling big banks to take the risks they did. (The housing "bubble" and fraudulent loans didn't help either.)
During the last 8 years, too big to fail became even bigger with banks sitting on capital that they won't "invest" or loan because they're getting free money from the Fed, even if it is the form of a low, guaranteed interest rate on that capital. Why take the risk and earn more if the Fed's paying them to sit on capital?
The top 5 banks held about 47% of all retail banking accounts prior to the crash of 2007/2008, now they hold almost 70%. Recipe for disaster.
It's time to break up the big banks. Community banks which understand their customer base and historically managed risk well were the way and should be again.
When Glass Steagal was repealed I thought it was a good thing. I now want to see it reinstated.