Posted on 07/20/2016 4:23:23 PM PDT by Olog-hai
The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren.
What? No, we’re not kidding.
In the party’s 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking. …
(Excerpt) Read more at hosted.ap.org ...
I’m mixed on this.
Glass Steagell put major US banks at a distinct advantage against other global banking interests.
However we can’t afford a bailout of a BNY Mellon, Chase, BOA etc.
I admit, I don’t know enough to say, with certainty, if it’s a good thing or bad thing.
I do know that our global financial ability to compete would be hindered.
Who is in favor of Banker Gangsters and Derivatives twice removed?
Definitely a good idea to split up investment banking, which is inherently risky, from any connection to savings and checking accounts (government insured deposits).
Clinton lead to the removal. How has that worked for us?
Repeal of G-S by Clinton directly led to the banking crisis of 2008.
interesting how AP wrote this one up
if they were concerned with the viability and health of the USA banking system including the safety of our deposits and also to lessen the risk to the government’s (taxpayers’) deposit insurance programs.......the AP would have favored this proposal outright.
but if, as it seems, they don’t favor it... why? well, there’s only one source for opposition to reinstituting Glass Stiegle... the major NY banks ... who enjoy being able to, in effect (if not legimately) are able now to speculate/invest big-time with our deposits (while letting the taxpayers take the risk of any significant failures or losses)
just sayin....
See, see! Trump’s turning Left! Write in Jeb!
This is great! While the MSM is distracted, Trump is getting it done.
I guess it shouldn’t surprise us that the ‘AP Business Writer’ is absolutely clueless about how this would have prevented the 08 crisis. (Hint...something called Mortgage Backed Securities would never have been a thing, thus no bundling, no moral hazard, no AIG failure, and finally no damn crisis in the first place.)
I’m surprised this went into the platform and I wasn’t really sure where Trump stood on reinstating Glass-Steagall. This is excellent news.
Oh, and if it ‘hurts us globally’ to be the only one with financially sound banks...well, gee, I guess that’s just too bad. Somehow, I think we’ll survive.
Not a bad idea but the Sander/Warren supports aren’t going to vote Republican because of this.
Because they don’t even know what it means
Don’t just blame it on Clinton. Plenty of ‘conservatives’ and RINOs were controlling congress and deserve plenty of blame themselves.
And who was controlling them?
Banks, foreign interests, and donors with their eyes on dishonest money.
AP as normal is almost putrid
I am suspicious that government regulation would improve the security of banks.
Agreed. Combining the two has been a catastrophe.
Name one.
Oh, privatize the upside, socialize the downside - is that what you mean?
From what I’ve read, it prohibits commercial banking from making poor or risky investments and puts them out of the business of fundraising through buying and selling of securities.
I am willing to be corrected, but I believe it would be a tectonic shift in our banking policy and would strengthen our markets. This could be their strategy for getting us out of the “propped up” market without a colossal collapse.
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