• This is a political forum that is non-biased/non-partisan and treats every persons position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

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

Rainman05

Banned
DP Veteran
Joined
Sep 14, 2012
Messages
10,032
Reaction score
4,964
Gender
Male
Political Leaning
Independent
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“Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the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

Rage More!
DP Veteran
Joined
May 15, 2010
Messages
27,246
Reaction score
19,931
Location
Georgia
Gender
Female
Political Leaning
Progressive
Love it, too bad it won't become law :(
 

Tigger

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

Banned
DP Veteran
Joined
Sep 14, 2012
Messages
10,032
Reaction score
4,964
Gender
Male
Political Leaning
Independent
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

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

Banned
DP Veteran
Joined
Sep 14, 2012
Messages
10,032
Reaction score
4,964
Gender
Male
Political Leaning
Independent
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

DP Veteran
Joined
Dec 10, 2008
Messages
5,044
Reaction score
2,202
Location
A small village in Alaska
Gender
Male
Political Leaning
Very Conservative
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

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

Outer space potato man
DP Veteran
Joined
Feb 6, 2010
Messages
75,669
Reaction score
33,253
Gender
Male
Political Leaning
Undisclosed
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

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

DP Veteran
Joined
Sep 13, 2011
Messages
1,527
Reaction score
765
Gender
Male
Political Leaning
Independent
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

Banned
DP Veteran
Joined
Jan 30, 2011
Messages
2,069
Reaction score
1,122
Location
Oregon
Gender
Undisclosed
Political Leaning
Other
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

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

Haters gon' hate
DP Veteran
Joined
Nov 30, 2011
Messages
5,586
Reaction score
2,420
Gender
Male
Political Leaning
Independent
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

Outer space potato man
DP Veteran
Joined
Feb 6, 2010
Messages
75,669
Reaction score
33,253
Gender
Male
Political Leaning
Undisclosed
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

DP Veteran
Joined
Sep 13, 2011
Messages
1,527
Reaction score
765
Gender
Male
Political Leaning
Independent
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

Banned
DP Veteran
Joined
Jun 14, 2006
Messages
16,575
Reaction score
6,767
Gender
Male
Political Leaning
Libertarian - Left
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

Banned
DP Veteran
Joined
Jul 25, 2011
Messages
12,879
Reaction score
2,707
Location
New England
Gender
Male
Political Leaning
Very Conservative
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

Outer space potato man
DP Veteran
Joined
Feb 6, 2010
Messages
75,669
Reaction score
33,253
Gender
Male
Political Leaning
Undisclosed
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

DP Veteran
Joined
Jun 13, 2012
Messages
1,833
Reaction score
431
Location
Chicago
Gender
Male
Political Leaning
Libertarian - Right
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

Outer space potato man
DP Veteran
Joined
Feb 6, 2010
Messages
75,669
Reaction score
33,253
Gender
Male
Political Leaning
Undisclosed
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

DP Veteran
Joined
Jun 13, 2012
Messages
1,833
Reaction score
431
Location
Chicago
Gender
Male
Political Leaning
Libertarian - Right
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

Well-known member
Joined
Jun 26, 2013
Messages
562
Reaction score
159
Gender
Undisclosed
Political Leaning
Undisclosed
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

Banned
DP Veteran
Joined
Sep 14, 2012
Messages
10,032
Reaction score
4,964
Gender
Male
Political Leaning
Independent
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

DP Veteran
Joined
Mar 11, 2006
Messages
35,245
Reaction score
12,114
Location
Denmark
Gender
Male
Political Leaning
Centrist
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.
 
Top Bottom