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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (71855)9/11/2009 7:43:15 PM
From: SGJ2 Recommendations   of 224748
 
The '33 Glass Steagall Act specifically kept banks and securities firms lines of business separate so banks would not speculate in risky securities with your potential mattress money. After it was repealed in '99 under Clinton, banks could buy certain securities like MBS's. Of course, as now we know. many have gone into the toilet.
I contend though, that even if it was still in effect, banks could have still gotten heavily involved in residential lending and suffered the consequences irregardless of the form the real estate asset took. Also, keep in mind that many banks have survived this crisis, due to the income provided by the other lines of business now allowed by the repeal.
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