Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill

[Rainman05]

Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
~taken off reddit
Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
The title didn't fit in the title bar.

In a valiant effort to undo one of the regulatory ****ups that led to the 2007-08 financial crisis, a bipartisan group of senators has introduced a bill that would reinstate some of the provisions of the New Deal-era Glass-Steagall Act, requiring banks to separate their retail banking functions from their riskier investment activities, essentially forcing most big banks to split into smaller entities.

In support of the proposal, John McCain said in a statement,
“Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the banking world … Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits.”

a lot of people hoped that Glass-Steagall would be resurrected after the 2008 financial meltdown, but instead, we got Dodd-Frank in 2010. Bank lobbyists, with help from right wing media, have largely defanged the modest restrictions on risky financial behavior in Dodd-Frank, which still isn’t even fully implemented, so we aren’t especially optimistic about the chances of an attempt to actually bust up the megabanks.

So who else thinks glass-steagall is a good idea? I do. Good on Elizabeth Warren and surprisingly John McCain for proposing this.
Johnny boy, if you want to redeem yourself, you need to start being negative on the PRISM thing too, which you defended.

 

[Your Star]

Love it, too bad it won't become law

 

[Tigger]

So who else thinks glass-steagall is a good idea? I do. Good on Elizabeth Warren and surprisingly John McCain for proposing this.
Johnny boy, if you want to redeem yourself, you need to start being negative on the PRISM thing too, which you defended.

Anything those two have their names on would be something I could not support. Neither one of them has a Conservative cell in their entire bodies.

I do believe there needs to be some level of oversight in the banking system, but going back to ANYTHING associated with the New Deal is not something I'd ever be in favor of.

 

[Rainman05]

Anything those two have their names on would be something I could not support. Neither one of them has a Conservative cell in their entire bodies.

I do believe there needs to be some level of oversight in the banking system, but going back to ANYTHING associated with the New Deal is not something I'd ever be in favor of.

Not roosevelts' "new deal" but that bill that was repealed in 1999 called glass-steagall, that was made I don't know, 40-50years before that.

Also, the bill, from what it is said when I googled it, has no glaring problems and would be much better than anything that there is now.

 

[Tigger]

Also, the bill, from what it is said when I googled it, has no glaring problems and would be much better than anything that there is now.

You may not have any problems with it, but I more than likely would find major issues with it; just as I had major issues with the US Government bailing out banks over the past several years.

 

[Rainman05]

You may not have any problems with it, but I more than likely would find major issues with it; just as I had major issues with the US Government bailing out banks over the past several years.

you didn't look up the bill. Please do then get back to the topic at hand.

 

[Oftencold]

Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
~taken off reddit
Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
The title didn't fit in the title bar.






So who else thinks glass-steagall is a good idea? I do. Good on Elizabeth Warren and surprisingly John McCain for proposing this.
Johnny boy, if you want to redeem yourself, you need to start being negative on the PRISM thing too, which you defended.

Politicians and lawyers regulating banking is at least as valid as packing house workers regulating air traffic.

 

[Tigger]

you didn't look up the bill. Please do then get back to the topic at hand.

I skimmed the bill real quick and it's exactly the sort of legislation I am against. The United States Congress does not have any legal/legitimate/Constitutional authority to tell banks (or any other private business) how to run their business. I would be in favor of a bill that states that the US Government will never again bail out any bank or lending/investment institution.

 

[Deuce]

I skimmed the bill real quick and it's exactly the sort of legislation I am against. The United States Congress does not have any legal/legitimate/Constitutional authority to tell banks (or any other private business) how to run their business. I would be in favor of a bill that states that the US Government will never again bail out any bank or lending/investment institution.

The US Congress does have the authority and responsibility to take reasonable measures to prevent a business or individual from harming other people.

But aren't you breaking from your authoritarian character here?

 

[Tigger]

The US Congress does have the authority and responsibility to take reasonable measures to prevent a business or individual from harming other people.

There is a difference between preventing a business from defrauding a customer and preventing that business from simply doing its daily business. I believe this crosses that line.

But aren't you breaking from your authoritarian character here?

Not at all. My viewpoint on Government it a little deeper than being solely authoritarian in nature. It does have authoritarian characteristics, but is not entirely devoted to that ideal. However, this is not the place to go into that in detail.

 

[Fishstyx]

I'll applaud when I actually see the bill and whats in it.....not some headline announcing it's existance. How many pages is it?

 

[Occam's Razor]

Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
~taken off reddit
Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
The title didn't fit in the title bar.

So who else thinks glass-steagall is a good idea? I do. Good on Elizabeth Warren and surprisingly John McCain for proposing this.
Johnny boy, if you want to redeem yourself, you need to start being negative on the PRISM thing too, which you defended.

 

[Tigger]

I'll applaud when I actually see the bill and whats in it.....not some headline announcing it's existance. How many pages is it?

30 pages in the version I found online. Search "21st Century glass-steagall bill" and you should find it.

 

[MarineTpartier]

I'll applaud when I actually see the bill and whats in it.....not some headline announcing it's existance. How many pages is it?

Exactly. I want to see what sort of mumbo jumbo, total sell outs to conservatism, and big gov't crap is embedded in this thing. If Warren and McCain are involved I can almost guarantee it's bad.

 

[Deuce]

I'll applaud when I actually see the bill and whats in it.....not some headline announcing it's existance. How many pages is it?

Oh god not more whining about page numbers...

One page of legislation is not actually a lot of text, thanks to the triple spacing and section formatting and huge margins and whatnot.

 

[Fishstyx]

Oh god not more whining about page numbers...

One page of legislation is not actually a lot of text, thanks to the triple spacing and section formatting and huge margins and whatnot.

Not whining, just congizant of the tactic as I'm sure you are as well. Overloading a bill ensures its not fully read when it comes time to vote. Surprised anyone, regardless of political ideology, would actually support such a tactic.

 

[TheNextEra]

You may not have any problems with it, but I more than likely would find major issues with it; just as I had major issues with the US Government bailing out banks over the past several years.

You have issues with ANYTHING the government does, so you complain whether they do something or not. Kind of a moot point with an authoritarian, you aren't happy with anything.

 

[Tigger]

You have issues with ANYTHING the government does, so you complain whether they do something or not. Kind of a moot point with an authoritarian, you aren't happy with anything.

Not everything, but a large amount of it, yes. We would not need the sort of authoritarian-style government I have suggested if the government were returned to it's proper limitations and people/businesses were allowed to succeed or fail on their own.

 

[Deuce]

Not whining, just congizant of the tactic as I'm sure you are as well. Overloading a bill ensures its not fully read when it comes time to vote. Surprised anyone, regardless of political ideology, would actually support such a tactic.

I read the health care reform bill, one of the biggest pieces of legislation in recent history, in a day. It was "2000 pages long," but what Congress calls a page most of us would call a paragraph. There's no excuse for a member of Congress to have failed to read it, or any other bill in history.

 

[wbcoleman]

Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
~taken off reddit
Let’s Applaud Elizabeth Warren And John McCain For Their Bank Bill Before Lobbyists Murder It To Death
The title didn't fit in the title bar.






So who else thinks glass-steagall is a good idea? I do. Good on Elizabeth Warren and surprisingly John McCain for proposing this.
Johnny boy, if you want to redeem yourself, you need to start being negative on the PRISM thing too, which you defended.

There is little evidence to support the theory that Glass-Steagall would have prevented the 2008 financial crisis.

 

[Deuce]

There is little evidence to support the theory that Glass-Steagall would have prevented the 2008 financial crisis.

Alone? No, perhaps not. But nobody is suggesting that this was the only cause. The first sentence of the article states "one of the regulatory ****ups."

 

[wbcoleman]

Alone? No, perhaps not. But nobody is suggesting that this was the only cause. The first sentence of the article states "one of the regulatory ****ups."

In fact, had Chase and Bank of America not been able to take over the failed firms, the result could have been catastrophic. Repeal of Glass-Steagall helped save the day.

 

[greyhat]

In fact, had Chase and Bank of America not been able to take over the failed firms, the result could have been catastrophic. Repeal of Glass-Steagall helped save the day.

Dunno about that; they picked the carcasses and left the rotting meat with the old holding company. They also received massive support that made these deals attractive. The lack of G-S didn't save the day.

 

[Rainman05]

There is little evidence to support the theory that Glass-Steagall would have prevented the 2008 financial crisis.

Well it sure as hell didn't have the chance to prove that it could do anything. So anything you say is speculation.
The only fact is that it got repealed and less than 10 years later, financial meltdown.

 

[PeteEU]

In fact, had Chase and Bank of America not been able to take over the failed firms, the result could have been catastrophic. Repeal of Glass-Steagall helped save the day.

Bull****.

1) Chase and BoA could have taken over said firms regardless.
2) Chase and BoA were failing as well and were only saved because they were forced to take over more failing firms in return for help.
3) Chase and BoA (especially BoA) have been off loading bad debt onto Fannie and Freddie ever since, hence pushing the crap on the taxpayer.