Glass–Steagall Act.........

....What are your thoughts......Repeal or not Repeal... Hilary stated wanted it reenacted while Obama wouldn't have any part of it...WHY

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

And enforce the hell out of it.

My mom's been preaching to me about this for years. (She works in finance - not by choice.)

You ask "why" Obama would have no part of it? Isn't the answer to that question painfully obvious? He surrounded himself with financiers and bankers, apparently having no independent idea of his own to question them.

was opposed to it vehemently.

They are no longer in business, and billions of dollars were lost because of the repeal.

Now to the point of the Secretary of State versus the President of the United States, I have to call BULLSHIT.

Oh. and Un-recced.

Because he's a neoliberal. As such, he wouldn't dream of doing such a thing. But it is one of the very first things that should have occurred when he assumed the Presidency.

if a law is made in a forest, and no one is there to enforce it, does it make a sound?

As far as the "why"... opensecrets.org is your friend.

Thirtys... Obama aid Larry Summers said this about the GSA being repealed:“With this bill,” Treasury Secretary Lawrence H. Summers said, “the American financial system takes a major step forward toward the 21st Century — one that will benefit American consumers, business and the national economy.” Opponents said it would have the opposite effect, creating behemoths that will raise fees, violate customers’ privacy by sharing and selling their personal data, and put the stability of the financial system at risk.http://sweetness-light.com/archive/clintons-financial-services-modernization-act

Putting back into play the oversite rules like GSA and anything else to prevent these speculators from gauging the consumer is probably wise.... Let's get the job done...

REALLY tiring to people who are at the bottom of the totem pole.....if we're on the totem pole at all, AT ALL.

Knock yourselves out.

I/*we* have already been knocked out.

~~~~ Sorry that the *middle-class* doesn't care anymore BECAUSE, there IS NO middle class to care anymore.

Success@richevilratbastards.com

n/t

Bring back Trust Busting legislation

Bring back the fairness doctrine

Bring back the GI Bill

Bring back the Marx Brothers - well, OK, maybe we can't do that...

Get some of the money from those assholes that defrauded our economy out of trillions and plunged it in to a very dark hole.

Then reinstate the estate tax.

THEN lock the bastards up.

on Wall St and we are still suffering.

Bring back Glass-Steagall. You will make Wall St. very unhappy
and the thinking people on Main St. real happy.

the ensuing crash? How, exactly? You're saying had GSA never been repealed, we would not have had this financial crisis?

People keep saying that the repeal caused this whole mess, but they never give any specifics.

the Volcker rule:



Panel Begins to Set Rules to Govern Financial System



Key study on implementing Volcker Rule released



Fed

if you were a greed-obsessed banker. For the rest of us, it worked perfectly. Which is why it was relaced by 2,000 pages of lobbyist-authored claptrap.

Henry B. Gonzales, now gone but never forgotten, was the long time Congressman from San Antonio Texas and Chairman of the house banking committee. He took no campaign funds from the financial sector, not that he would have received much given his populist approach to politics. He often said that he would defend the Glass-Steagall Act with his life because he knew about the evil deeds of banks and insurance companies during the Depression.

We could count on Henry B. Gonzales. From 1961 until ill health caused him to retire from Congress in 1998. The important portions of the Glass - Steagall Act were repealed in 1999.

I miss Henry B.

From the Congressional Record

A bit on the bedwetting bastard who helped get rid of Glass-Steagal and the nice job he got afterward:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

I, too, miss Henry B. Puro Westside, OutNow.

it should never have been repealed. We've seen the devestating results on the economy.

in for the past few years?

None of the recent meltdowns would have happened, not the housing bubble, not the mortgage securities crisis. The dumbfucks who saw to Glass Steagall's gutting knew this was the only possible outcome.

were still in place?

This was a bipartisan fire sale started in 1999 of our protections from Corporate entities and their greed. Specifically under the Clinton Presidency proposed by the Republicans Gramm-Leach-Bliley Financial Services Modernization Act, repealing the "Glass-Steagall Act" 1999 and accepted in total by the Republican Chair of the Finance Committee Jim Leach and unopposed by Democratic members of the committee. The Democrats in congress could have filibustered or President Clinton could have rejected this bill but surprisingly this did not occur.

During this period financial institutions and banks went completely reckless and irresponsible in their gambling on unsecured, unsubstantiated, packaged, repackaged mortgage securities and derivatives that they themselves packaged, repackaged, sold and resold to themselves generating False Wealth and False Value from absolutely NOTHING.

Fannie and Freddie continued to buy unsubstantiated unsecured sub-prime loans and securities with no over sight on the validity of the Loans ability to be paid back...

The Financial Meltdown itself occurred once it was revealed that rather than even maintaining a 20% capital liquidity to investment that banks and investment firms were over leveraged and being given erroneous unqualified triple A ratings by Bond rating agencies...(Still no one in jail...) on these frivolous bond, thus, they were unable to justify the valuation of packages they sold. Combine this with war and the Down turn in the Economy and all the false wealth disappeared collapsing the entire system.

THATS HOW REPEALING THE Glass_Steagall ACT ALLOWED this Ponzi scheme to occur.

I tried to be clear and concise leaving all the Maco and Micro economic factors out so it doesn't become a book...

I hope that this makes sense to you.

Go re-read ProSence's post at #20 on the Volcker Rule also called the Volcker Plan. Or go look up Volcker rule or Volcker plan...
Then read my post again...Pretty straight forward. Typical pyramid or ponzi scheme with our money instead of using their money...

doing anything to prevent rampant speculation, from what I can tell.

Many of the biggest meltdowns at the beginning of the too-big-to-fail crisis were not affected at all by the repeal. Lehman Brothers and AIG were not banks.

Repealing the law, basically, removed the distinctions between -- and the legal restraints upon banks -- investment houses, insurance companies, hedge funds, individuals, etc.

For details: Understanding How Glass-Steagall Act Impacts Investment Banking and the Role of Commercial Banks

And thanks to Wall Street's loyal servants in Congress, the game is rigged so all the gains go to private hands and all the risk falls on the taxpayers.

He might have an even better approach to the problems it addressed.

and doesn't represent the democratic agenda.

Sherman Anti-Trust Act and RICO prosecutions to a degree that would overload DOJ and the court systems if we were a nation of justice and laws.