Posted on 07/20/2016 4:23:23 PM PDT by Olog-hai
The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren.
What? No, we’re not kidding.
In the party’s 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking. …
(Excerpt) Read more at hosted.ap.org ...
You mean interference like not letting them gamble with consumers’ money?
I agree G/S was a good thing, but Long-Term Capital Management
Read Hank Paulson's confession "On the Brink" to see how absurd that statement is (no offense intended).
Actually, unless you work for the Justice Dept, don't read it. It'll just do terrible things to your blood pressure. To summarize, the Sec of the Treasury repeatedly says they knew what they were doing was not legal, but they just had to do it because "saving" the banks was more important than following the law..
Banks are already involved in a very incestuous relationship with the government.
I'm fine with eliminating all government regulation of banks, but only if banks agree to eliminate all government protection of their assets.
The problem you have in a deregulated environment is that large banks end up conducting business as a matter of course in environments where they have inherent conflicts of interest.
Gee, we don’t want giant banks with government guarantees operating like casino’s any more, betting depositors’ money in risky investment banking schemes??? As obvious as the need for this change is, Don’t bet on it actually happening any time soon. Too many politicians are bought and paid for by Wall Street to let that happen.
Don’t forget Wells (San Francisco) and BofA (Charlotte).
Gramm(R)-Leach(R)-Bliley(R) Act of 1999 was passed by Republican Congress.
GLBA, in giving legitimacy to the (illegal) Citi/Travelers merger effectively repealed Glass-Steagal.
Slick and Rubin may have wanted it, but it was the REPUBLICANS that gave it to them.
Good call. It was part of it and the rest of it was the manipulation of the bailout procedures in place like Freddie and Fannie by Chris Dodd and Barney Frank after the cork was out of the bottle with the minority forced home loans.
red
While they are at it break up the big pharmaceuticals, Telecom’s, and phone services, they have become to big for their britches and greedy.
1 agree with you
I wonder if the dems will follow suit... if not, Trump will wipe the floor with Hillary pointing out her wall street interests. I imagine he will ask her to #releaseTheTranscripts !!!
This is the Key phrase and the thing most lacking. Companies that get to big think they can get away with anything by buying off the government and lying about their abuses. Pharmaceuticals production of horrid drugs is a good example. Take the Osteoporosis drug Foreto, it is FDA Flagged, and then Black Boxed for Bone Cancer, Gardasil another drug that should have never made it to market due to the damage both do. We are not talking small 1% of the population such drugs damage or kill, that is still a large number.
We once broke up these mega companies so competition would flourish to lower the prices. Now we are back to the Mega Mergers and higher prices.
“We must make clearer lines and simpler entrance into the market. When there are good regulations to protect consumers and willing participants in the market will we have true growth.”
Sort of like Jefferson's idea of a constitutional republic.
However, the basis of both are quite sound. There are a number of regional banks which are soundly managed such as First Commonwealth of Pennsylvania, Zion's Bank and even quasi-national banks such as PNC Bank and U.S. Bank, both of which I believe, were forced to take some of Hank Paulson's bailout money so the public wouldn't know who the turds in the punch bowl were.
GOPe. But, you have a point - it did take Republican help to get it onto the Philanderer’s desk.
But I still blame Clinton - you KNOW that he got a bunch of payola for doing that...and in doing so, he set us up for nearly going down the tubes. I can’t forgive him OR those particular members of the GOPe who helped him.
I make no distinction between GOP and GOPe. To me they are one and the same. Pretty much why I refused to join the Republican party 50 years ago when I turned 21. In 99, when the Republican party had BOTH houses, there were a lot more than just the “elite” in those chambers.
Rubin and Slick lobbied Congress heavily for GLBA. One week after it was passed, Rubin resigned as Sec.of Treas. and shortly thereafter ended up near the top of Citi.
As I stated on another thread on this subject, there were many wheels within wheels turning at that time....and the GOP was up to its earballs in it!
When did “Laissez-Faire Capitalism” become politically incorrect?
If this Trump campaign referenced Capitalism—the kind where government makes no laws infringing on the trade of private property from person to person, company to company, there would be a wild turnout for Trump. Who is John Galt? would be on every bumpersticker.
Trump, though I’m voting for him, is going to disappoint every faction of supporters because he is not a strict constructionist.
IMO, around 1791 when President Washington imposed the whiskey tax. Prolly the first example of crony capitalism in the USA
Trump, though I’m voting for him, is going to disappoint every faction of supporters because he is not a strict constructionist.
Ya can't please all the people all the time.
At this point in our nations life, there is SO much wrong with our government, there is no one individual who can right it.
Yes, sad to admit, FUBAR. That is why I’m voting to replace the commie/muslim axis by voting Trump. The military needs a CIC who at the very least respects their commitment and honor. Police, too.
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