“Reinstating Glass-Steagall is probably a good step.”
Nope. That regulation was useless, dangerous, counterproductive and harmed our prosperity.
It prevented the useful combination of financial services products that other international bank enjoyed and as a result our banking sector fell behind others prior to the 1990s.
“Oxley/Sorbanes, to my recollection, was an attempt to cut down some on the ignorance defense.”
That regulation also has proved to be counterproductive and harmful to our prosperity. It killed the IPO market.
What a coincidence.
““Oxley/Sorbanes, to my recollection, was an attempt to cut down some on the ignorance defense.”
That regulation also has proved to be counterproductive and harmful to our prosperity. It killed the IPO market.”
Yep, O/S murdered the IPO market. A horrible law. But what would you expect from that old bolshevic Sarbanes? It’s like any bill with Kennedy’s name on it, a disaster.
Nope. That regulation was useless, dangerous, counterproductive and harmed our prosperity. It prevented the useful combination of financial services products that other international bank enjoyed and as a result our banking sector fell behind others prior to the 1990s.
One thing that Glass-Steagall did, was prevent companies from becoming "too big to fail without destroying the US economy" -- thereby preventing that excuse be used to bail them out with our tax dollars when they faltered.
Ultimately, repealing Glass-Steagall paved the way for the later bailouts -- government bailouts which I am assume that you disagreed with, correct? So what other solutions are/were there for preventing the "we've got to bail them out because they are so big that they'll take our economy with them when they fall" political move?
After these huge losses you can’t seriously believe that Wall Street should be let loose again. Remember that woman who jumped into the cage to play with the polar bears? It’s like if she had lived, and went and jumped in again.
parsy, who says it is past time to wake up to the Wall Street crap