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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Alexander who wrote (9124)11/18/1999 8:56:00 PM
From: jlallen  Read Replies (1) | Respond to of 769670
 
Unfortunately Alexander we have VOLUMES of legislation we did not have in '29 and a Federal bureaucracy which oversees just about every aspect of the banking and securities industry. And if that is not enough, there is an everpresent, ever hungry, army of trial lawyers ready to file suit to redress any wrongs, real or imagined. I don't think we will really miss Glass Steagle and its passing will probably make banking, securities and insurance more competitive which is usually good for consumers. JLA



To: Alexander who wrote (9124)11/18/1999 9:57:00 PM
From: DMaA  Read Replies (1) | Respond to of 769670
 
Reckless banking practices and the Wall St. Crash did not cause the depression. The Federal Reserve shrank the money supply by 30% causing an extreme liquidity crisis. Subsequent Fed and Congressional actions only made things worse. Glass-Steagall was the wrong prescription for the wrong problem.

There was never any need for Glass-Steagall in the first place and it should have been repealed 50 years ago.



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