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Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act

 
TheToolMan
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07/19/2016 11:59 AM
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Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
And therein is this sentence:

We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.

It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.”

Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that cut their teeth at Goldman Sachs, plus Treasury officials and revolving-door beneficiaries, they all ran to their respective johns and vomited.

Reinstating the Glass-Steagall Act would mean separating federally insured deposit-taking banks from everything else and limiting their activities to classic banking. Once implemented, it would bring about a form of financial sanity and decades of financial stability among banks. Hedge funds like Goldman Sachs would presumably be allowed to collapse under their risks and go bankrupt without bailout, handing juicy losses to stockholders, bondholders, counterparties, and others, including possibly even executive pension plans.

[link to wolfstreet.com]

Last Edited by TheToolMan on 07/19/2016 12:00 PM
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Tiredgranny

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07/19/2016 12:03 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
And therein is this sentence:

We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.

It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.”

Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that cut their teeth at Goldman Sachs, plus Treasury officials and revolving-door beneficiaries, they all ran to their respective johns and vomited.

Reinstating the Glass-Steagall Act would mean separating federally insured deposit-taking banks from everything else and limiting their activities to classic banking. Once implemented, it would bring about a form of financial sanity and decades of financial stability among banks. Hedge funds like Goldman Sachs would presumably be allowed to collapse under their risks and go bankrupt without bailout, handing juicy losses to stockholders, bondholders, counterparties, and others, including possibly even executive pension plans.

[link to wolfstreet.com]
 Quoting: TheToolMan


Thanks, very interesting.
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Tiredgranny

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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
bump
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Thread: q-list of abbreviations

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“You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time”.” Quoted by Lincoln-written by John Lydgate

THIS world is not conclusion; A sequel stands beyond,Invisible, as music, But positive, as sound.-Emily Dickinson
Anonymous Coward
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07/19/2016 12:07 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
I will believe it when i see bankers jumping from windows.
Lily o' the Valley

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07/19/2016 12:10 PM

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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
And therein is this sentence:

We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.

It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.”

Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that cut their teeth at Goldman Sachs, plus Treasury officials and revolving-door beneficiaries, they all ran to their respective johns and vomited.

Reinstating the Glass-Steagall Act would mean separating federally insured deposit-taking banks from everything else and limiting their activities to classic banking. Once implemented, it would bring about a form of financial sanity and decades of financial stability among banks. Hedge funds like Goldman Sachs would presumably be allowed to collapse under their risks and go bankrupt without bailout, handing juicy losses to stockholders, bondholders, counterparties, and others, including possibly even executive pension plans.

[link to wolfstreet.com]
 Quoting: TheToolMan


On the way to reset?

I could go for that. Along with the limits on interest that used to be in place.

Current credit card interest would have been criminal usury before they tampered with it.
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07/19/2016 12:12 PM

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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Well that's a start.........
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Acro

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07/19/2016 12:12 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
About time ! Probably to late though.

banana2
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07/19/2016 12:20 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
And therein is this sentence:

We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment.

It’s followed by this bit of wisdom: “Sensible regulations can be compatible with a vibrant economy….” By extension, reinstating the Glass-Steagall Act would be that “sensible regulation.”

Upon hearing about this, Wall Street executives and just about everyone else at JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and a slew of others, plus central bankers in the US and abroad, especially those that cut their teeth at Goldman Sachs, plus Treasury officials and revolving-door beneficiaries, they all ran to their respective johns and vomited.

Reinstating the Glass-Steagall Act would mean separating federally insured deposit-taking banks from everything else and limiting their activities to classic banking. Once implemented, it would bring about a form of financial sanity and decades of financial stability among banks. Hedge funds like Goldman Sachs would presumably be allowed to collapse under their risks and go bankrupt without bailout, handing juicy losses to stockholders, bondholders, counterparties, and others, includi5ng possibly even executive pension plans.

[link to wolfstreet.com]
 Quoting: TheToolMan


On the way to reset?

I could go for that. Along with the limits on interest that used to be in place.

Current credit card interest would have been criminal usury before they tampered with it.
 Quoting: Lily o' the Valley


First they reset US dollar ...
then start a new banking system maybe.
I dont think it gonna happend at least in my time.
Anonymous Coward
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07/19/2016 12:20 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
believe it when i see it
The Old Timer

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07/19/2016 12:26 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
That is one more bomb on the Clinton's press for the White House

kaboom
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KIT
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07/19/2016 12:28 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
ABOUT FUCKING TIME!!
Anonymous Coward
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07/19/2016 12:30 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
never going to happen
Anonymous Coward
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07/19/2016 12:30 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Paul Ryan and Mitch McConnell will put the kibosh on it.
Anonymous Coward
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07/19/2016 12:32 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
About time ! Probably to late though.

banana2
 Quoting: Acro


Never too late to get on the right path.
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07/19/2016 12:33 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
That would be fantastic. I'm not holding my breath.
everLearner

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07/19/2016 12:35 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Most of us know who repealed it...

pigchef

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TheToolMan  (OP)

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07/19/2016 12:42 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Most of us know who repealed it...

pigchef

[link to www.politifact.com]
 Quoting: everLearner


Yeah, the financial industry is to powerful to let it go through. All those senators and congressmen are behold ant to wall street.
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
TheToolMan  (OP)

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07/19/2016 12:44 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
What is interesting, if the banks are forced to not be risky with our money, then the interest rates from the federal reserve have to go up. It is the only way the banks will make money.

This would be like a POLE SHIFT happening...
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everLearner

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07/19/2016 12:54 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
What is interesting, if the banks are forced to not be risky with our money, then the interest rates from the federal reserve have to go up. It is the only way the banks will make money.

This would be like a POLE SHIFT happening...
 Quoting: TheToolMan


Western finance has been dancing on the head of an ever-narrowing pin and using high risk to hold the world economies hostage. This would be tantamount to shoving them off of that pin.

Needs to happen. Would be painful. Again, not holding my breath. I'm not even sure it would be done if Americans were starving in the streets en masse.
everLearner

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07/19/2016 12:56 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
What really needs to happen in addition to reinstatement, is a follow-through of retroaction. The incurred fraudulent debts must be cancelled and publicly deemed illegitimate.
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07/19/2016 01:00 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
It's interesting how RINCE PREBLIUS said the GOP should be a "workers party".

Trump's influence is already making real changes in the party.
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Anonymous Coward
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07/19/2016 01:01 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
they will probably pass that with lot of loopholes and backdoors
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07/19/2016 01:07 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
A completely intact Glass-Steagall must be reinstated. If not, our country is finished after a few more brutal years being of enslaved by banking parasites/predators who are too big to jail. Wall Street is destroying the United States.

I truly wish people would realize how important this is.
Anonymous Coward
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07/19/2016 01:13 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
About time ! Probably to late though.

banana2
 Quoting: Acro

Yep, it should have been done in 2008 but instead they allowed the criminal Wall street economic terrorists to loot for another 9 years.


.
Thor Fury

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07/19/2016 01:14 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
fanfuckingtastic
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07/19/2016 01:16 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Yeah, sure, I believe congress will do this. I also believe fairies are going to fly out of Hillary Clinton's butt.
Anonymous Coward
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07/19/2016 01:18 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Will never happen this is dumb.
Anonymous Coward
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07/19/2016 01:21 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
It may cause stock holders to throw CEO's out the windows.
Anonymous Coward
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07/19/2016 01:31 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Good they should... Not that it would stop all bad behaviour... But it would limit it.

The US didn't have a significant economic bubble after it was signed into law in 1933 until after it was repealed in 1999. Since it was repealed we've had two - both partially caused by its repeal - and a third is coming - also caused at least partially by its repeal.


The people that hate it wanna keep wrecking the economy and then get bailed out by taxpayers. Corporate socialism.
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07/19/2016 01:31 PM
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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
Too little, too late, bitches. The damage is done. We are a used whore. Who gives a fuck anymore about what banks do? I think the banks know the end game is near, so they don't give two shits whether G-S is reinstated or not.
FlashBuzzkill

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07/19/2016 01:51 PM

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Re: Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act
There's too many in Congress bought and paid for by the banks. This is being held out as hope for the rational only to see it stall and die in Congress. It would be amazing should it pass.

Last Edited by FlashBuzzkill on 07/19/2016 01:51 PM
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