WASHINGTON -- Sen. Elizabeth Warren (D-Mass.) warned in a speech Tuesday that the problem of banks considered "too big to fail" has only gotten worse since the 2008 financial crisis, potentially sowing the seeds of a future crisis.
"Today, the four biggest banks are 30 percent larger than they were five years ago. And the five largest banks now hold more than half of the total banking assets in the country," Warren said in a keynote address at a conference on the future of financial reform put on by the Roosevelt Institute, a think tank. "Who would have thought five years ago, after we witnessed firsthand the dangers of an overly concentrated financial system, that the 'too big to fail' problem would only have gotten worse?"
Warren urged the passage of a new Glass-Steagall Act that would separate commercial and investment banking. The Depression-era legislation was repealed in 1999 with huge bipartisan majorities, allowing depository institutions to undertake riskier securities trading. Warren, along with Sens. John McCain (R-Ariz.) and Maria Cantwell (D-Wash.) have called to revive the legislation, but it stands little chance of passing.
Read more @: Elizabeth Warren: 'Too Big To Fail' Is Worse Than Before Financial Crisis
This is an outrage. We went the total wrong direction on this. Instead of ending this too big to fail ****, its gotten worse! We need to bring back Glass Stegal. [/FONT][/COLOR]
Read more @: Elizabeth Warren: 'Too Big To Fail' Is Worse Than Before Financial Crisis
This is an outrage. We went the total wrong direction on this. Instead of ending this too big to fail ****, its gotten worse! We need to bring back Glass Stegal. [/FONT][/COLOR]
The Dems won't even bring back Glass-Stegal. If they did, the government couldn't force the banks to give a bus driver an eight-hundred-thousand dollar home loan.
I believe, ny friend, that you will always be disappointex as long you expect the government to fix a problem.
We should have punished the companies that damaged the economy instead of giving them more gifts and more power. The people who ran them should be in jail. The pilfered money should have been returned to the people it was stolen from. The companies should have been either dissolved or turned over from their corrupt owners down the chain within the company, or liquidated and distributed among the employees.
Hurting the country, especially on such a large scale, for one's own gain... that should be punished. Severely.
Well you see the ones calling for Glass-Stegal to come back are the dems..... So your whole post makes no sense.
The Dems has total control. Why didn't they do it?
Yea they have total control...
I think you might of forgot about one chamber of congress...
We should have punished the companies that damaged the economy instead of giving them more gifts and more power. The people who ran them should be in jail. The pilfered money should have been returned to the people it was stolen from. The companies should have been either dissolved or turned over from their corrupt owners down the chain within the company, or liquidated and distributed among the employees.
Hurting the country, especially on such a large scale, for one's own gain... that should be punished. Severely.
Yea they have total control...
I think you might of forgot about one chamber of congress...
Read more @: Elizabeth Warren: 'Too Big To Fail' Is Worse Than Before Financial Crisis
This is an outrage. We went the total wrong direction on this. Instead of ending this too big to fail ****, its gotten worse! We need to bring back Glass Stegal. [/FONT][/COLOR]
Read more @: Elizabeth Warren: 'Too Big To Fail' Is Worse Than Before Financial Crisis
This is an outrage. We went the total wrong direction on this. Instead of ending this too big to fail ****, its gotten worse! We need to bring back Glass Stegal. [/FONT][/COLOR]
...We need to bring back Glass Stegal.
pg 4Beginning in the 1970s and 1980s, requests for approval to engage in a greater universe of securities activities were largely granted by the OCC and the FRB, and, in most cases, have been approved by courts. By the time that the GLBA was enacted in 1999, the FRB had authorized certain BHCs and their subsidiaries to underwrite and deal in an array of bank-ineligible securities, including municipal bonds, commercial paper, mortgage-backed securities and other consumer-related securities, corporate debt securities, and corporate equity securities.21 In addition to underwriting and dealing activities, the FRB also approved other securities activities such as the provision of investment advice,22 the brokering of securities,23 and others. The FRB promulgated the list of permissible nonbanking activities at 12 C.F.R. § 225.28(b).
Even then it will probably not be enough to address YOUR concerns:
pg 4
http://www.fas.org/sgp/crs/misc/R41298.pdf
They passed Obamascare without a single vote. Glass-Steagal should have been a piece of cake. Why do you think there was no attempt?
Because of Dodd-Frank.....
Read more @: Elizabeth Warren: 'Too Big To Fail' Is Worse Than Before Financial Crisis
This is an outrage. We went the total wrong direction on this. Instead of ending this too big to fail ****, its gotten worse! We need to bring back Glass Stegal. [/FONT][/COLOR]
Because in 1999 it was repealed.
You can't punish people for obeying the law.
If you want to punish someone for harming the country, you can start with the politicians that pressured these banks ti make all those worthless loans.
Because in 1999 it was repealed.
Thats your party.
Point being...????
You blindly support their every decision...
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