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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (24536)1/13/2010 11:16:53 AM
From: DuckTapeSunroof  Respond to of 103300
 
"This country had to learn the hard way in the 1920's and 1930's that non-investment banks cannot be trusted to not make really risky loans and risk losing all their depositors money and then some thru fractional reserve banking to the casino! We had Glass-Steagall and there wasn't a problem with that."

Exactly.

It took a Great Depression to teach the politicians something.

(I only pray that they are not too slow in this more modern era to learn the lessons from this Great Recession's cause.)



To: Wayners who wrote (24536)1/13/2010 5:43:47 PM
From: TimF  Read Replies (1) | Respond to of 103300
 
The repeal of Glass-Steagal (Gramm-Leach-Bliley)

1 - Isn't very relevant to the current problems

2 - Formalized a change that had already begun to happen to an extent before the Gramm-Leach-Bliley was passed.

3 - Was signed by Clinton.

Also note how most western countries never had something equivalent to Glass-Steagal, why didn't they have this finacial crisis decades before we did?


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