- Joined
- Sep 14, 2012
- Messages
- 10,032
- Reaction score
- 4,966
- 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.
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.
~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“Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the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.