Posted on 06/12/2017 1:06:32 AM PDT by ganeemead
This is a long article and a dire warning which must be read. Roberts expresses it in stark terms: without the restoration of the Roosevelt-era Glass/Steagal law and the separation of commercial from investment banking, the United States will collapse.
Roberts was Ronald Reagan's Treasury Secretary.
paul craig roberts is a powerful thinker I think he was a senior admin in Regean Cabinet
He was an assistant Secretary, never Secretary.
PCR is a Paulbot and has been making this’s prediction for at least a decade
Roberts is interesting. On the radio, after every sentence, he chuckles.
Yeah great article.
It is a known fact the “experts” have accurately predicted 322 of the last 3 stock market crashes.
Like most Americans these days who immediately politicize what they do not understand, you haven’t taken time to read the article. PCR clearly states the American population is not sophisticated enough to understand the terrible and dangerous shifts in the economy which have resulted from the repeal of Glass=Steagall. Not even Congress has the sophistication to understand it. That’s why it will be briefed this month on the need to reinstate Glass-Steagall. It’s NOT politics and NOT Rand Paul. Read the article then come back and comment again. There is still hope for you.
The article isn’t a prediction of future failure. It’s an explanation of the failures which have already occurred and which negatively and catastrophically have already damaged the lives of most Americans who have been saddled with backing and guaranteeing with their tax dollars risky investment ventures of an oversized banking industry and its investors. So you must be on the receiving end of this ill-gotten largesse, the fleecing of ninety nine percent of Americans who are forced to support the recklessness and corruption of the one percent who’re just “too big to fail”. Your country thanks you.
I’m no Rocket Surgeon but even I could see removing the barriers between the commercial and investment banking was a very bad idea.
Bookmark.
It’s the whole “too big to fail issue”. If banks are limited to conventional investments like loans and mortgages, an economic downturn where some people default will damage this years profits and bonuses. If they are heavily invested in derivatives, one major failure can threaten to bring down the system, like in 2008, and require a massive bailout.
“I’m no Rocket Surgeon but even I could see removing the barriers between the commercial and investment banking was a very bad idea.”
The evidence of the repeal of Glass-Stegall is there for all to see. You don’t have to be a Rocket Surgeon. This change allowed the Banksters to loot the country and get the country to pay for the damage they caused, while their kids still went to high-end private schools unabated.
Fraud? The market will figure it out.
—Alan Greenspan, 1998
Oops
—Alan Greenspan, 2008
I don’t know anything about Glass-Steagall, but I do have to wonder about the mega-companies that keep growing through mergers. Like the AT&T and Time-Warner merger that is going down: these are already huge companies and control significant market share. Maybe it’s time to break up some of these mammoth corporations?
Exactly.....Thank Bill Clinton.....removing the barriers caused “Too big to fail”...allowed the fox to guard the hen-house and allowed a few BIG Banks to drive out competition and steal a fortune and rig the system.....it caused the banking crisis and in effect, it's a MONOPOLY....(IMHO)
Not Rand..... Paul
He has been on the apocalyptic train for quite some time.
He went off the deep end a long time ago
The globalists have ignored anti-trust and anti-monopoly laws for decades. The last time they mattered was during the Reagan administration.
Look at who sponsored the bill and then look up the vote.
by the way the bill I’m referring to is the one that basically overturned Glass Steagall.
https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.