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Warren Joins McCain to Push New Glass-Steagall Law for Banks

poweRob

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You go girl! Keep pushing for this PLLLLLEEEEEEEAAAAAZZZZZZZZEEE!!!!!111!!!!! I'll have so much more faith in our economic future if Glass Steagall gets reimplemented.

Warren Joins McCain to Push New Glass-Steagall Law for Banks

U.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

“Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.​
 

Unitedwestand13

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You go girl! Keep pushing for this PLLLLLEEEEEEEAAAAAZZZZZZZZEEE!!!!!111!!!!! I'll have so much more faith in our economic future if Glass Steagall gets reimplemented.

Warren Joins McCain to Push New Glass-Steagall Law for Banks

U.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

“Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.​

who would object to this? oh yeah the banks.

i guess wall street made a mistake in blocking Elisabeth warrens nomination to the financial protection bureau.
 

danarhea

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You go girl! Keep pushing for this PLLLLLEEEEEEEAAAAAZZZZZZZZEEE!!!!!111!!!!! I'll have so much more faith in our economic future if Glass Steagall gets reimplemented.

Warren Joins McCain to Push New Glass-Steagall Law for Banks

U.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

“Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.​

In regard to Gramm-Bliley, which gutted Glass-Steagal, it was passed by a Republican Congress, overwhelmingly endorsed by many Democrats, and signed into law by President Clinton. Republicans and Democrats danced the Potomac Tango on the backs of the American people. It is only fitting that a Republican and a Democrat team up to end this monstrosity. An apology to the American people from both parties would be nice too.
 

poweRob

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In regard to Gramm-Bliley, which gutted Glass-Steagal, it was passed by a Republican Congress, overwhelmingly endorsed by many Democrats, and signed into law by President Clinton. Republicans and Democrats danced the Potomac Tango on the backs of the American people. It is only fitting that a Republican and a Democrat team up to end this monstrosity. An apology to the American people from both parties would be nice too.

Exactly. In the primaries of 2008 I couldn't forgive Biden for being a bank stooge. The product of being a senator of Delaware and that it is basically a known fact that our elected officials primarily, if not only, represent those that fund their campaigns the greatest.
 

Unitedwestand13

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In regard to Gramm-Bliley, which gutted Glass-Steagal, it was passed by a Republican Congress, overwhelmingly endorsed by many Democrats, and signed into law by President Clinton. Republicans and Democrats danced the Potomac Tango on the backs of the American people. It is only fitting that a Republican and a Democrat team up to end this monstrosity. An apology to the American people from both parties would be nice too.

an apology from political partys.

that has much chance as a icicle in a furnace
 

iacardsfan

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I never fully understood why Republicans would favor this, they're all about no intervention with anything. No government, who cares?
 

apdst

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who would object to this? oh yeah the banks.

i guess wall street made a mistake in blocking Elisabeth warrens nomination to the financial protection bureau.

Then, when people can't get loans, because the regulations were put back in place, the government can come in and save the day, by lifting the regulations, again.
 

poweRob

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Then, when people can't get loans, because the regulations were put back in place, the government can come in and save the day, by lifting the regulations, again.

So from 1930 to 1999 there were no loans by banks? Amazing.
 

apdst

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So from 1930 to 1999 there were no loans by banks? Amazing.

Ever hear of a 20% cash depost? What about phyisical collaterall? Ever wonder why a bus driver was allowed to take an 800 thosand dollar home loan, with nothing down?
 

poweRob

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Ever hear of a 20% cash depost? What about phyisical collaterall? Ever wonder why a bus driver was allowed to take an 800 thosand dollar home loan, with nothing down?

wtf does any of that rant have to do with Glass/Steagall?

And wtf does any of that rant have to do with you alluding to people not being able to get a loan for the 70 year period of 1930 to 1999 because Glass/Streagall was enacted that whole time.
 

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wtf does any of that rant have to do with Glass/Steagall?

And wtf does any of that rant have to do with you alluding to people not being able to get a loan from 1930 to 1999 because Glass/Streagall was enacted that whole time.

You want the regulations hammered back in place and you don't even have a clue what they are.
 

poweRob

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You want the regulations hammered back in place and you don't even have a clue what they are.

Do you know what Glass/Steagall did? When it was enacted and why? and when it was repealed? I do. And I don't even need the internet to find out anymore. I used the internet years ago to find out. Haven't forgotten. Your rant had nothing to do with Glass/Steagall. If your rant did have something to do with it, by all means... explain it to us.
 

apdst

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Do you know what Glass/Steagall did? When it was enacted and why? and when it was repealed? I do. And I don't even need the internet to find out anymore. I used the internet years ago to find out. Haven't forgotten. Your rant had nothing to do with Glass/Steagall. If your rant did have something to do with it, by all means... explain it to us.

You first, sir.
 

poweRob

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You first, sir.

Dear God what a dodge.

Glass Steagall separated investment banks from neighborhood banks where you put your checking and savings into. Local checking and savings banks were NOT allowed to invest on Wall Street. If you were a bank you had to choose which of the two kinds of banks you wanted to be. It was enacted right after the stock market crash of 1929. Then repealed in 1999 by the Gramm/Leach/Bliley act.

You're welcome. And now you can pretend you knew this all along.
 
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Dr. Chuckles

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I never fully understood why Republicans would favor this, they're all about no intervention with anything. No government, who cares?


Yeah, brah, it's like people are confusing our political system with a two party one, where democrat and republican become overly broad labels for various liberal and conservative factions ...
 

Captain Adverse

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Ever wonder why a bus driver was allowed to take an 800 thosand dollar home loan, with nothing down?

wtf does any of that rant have to do with Glass/Steagall?

Yeah, I've wondered. Wondered how the HELL that would ever be possible!

That's not a very strong argument for opposing regulation, when it was just such "speculation" in extremely high risk mortgages that caused that housing investment bubble to grow and burst.

People should have more invested in purchasing a house than merely the hope they can meet a 30 year mortgage with a massive balloon payment at the end.
 
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OpportunityCost

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Strongly supprt this regulation so long as it stays focused on this small mandate---to restore the wall separating commercial and retail banks and making the risk be on the backs of commercial banks again instead of counting on the retail banks and the government to bail them out.
 

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jmotivator

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I wondered why the banks went out of their ****ing minds, yes.


It's actually not terribly complicated. The sudden purchasing craze by Fannie and Freddie created a can't-lose environment for the banks in the early going since Fannie and Freddie underwriting had almost no requirements. This drove up the cost of housing, leading to the assumption throughout the financial industry that between the generous federal buy environment and the real estate resale costs loans couldn't lose money.

But then the buyers also had that same delusion. If the fabled McDonald's worker bought a $700,000 home, and then couldn't make payments when the Arm expired then no big deal, they could just flip the house for $850,000 and walk away with more money then they had ever seen.

Nobody was a victim, everyone was operating on the same motivations, and it was all fueled by a federal loan buying program that essentially broke the risk model that the banks have been operating on forever.
 

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Nobody was a victim...

False. All of us who actually did it the right way (20% down, good credit, buying that which we could afford as first time homebuyers) ended up victims when we saw our investments turn to **** and out loans turn upside down due to the market being flooded by foreclosures from douchebags who took out 100% to 115% LTV NINA loans that they couldn't afford while ****hole banks ran off with billions in profits form ****ing the system.

Those of us who had no clue that this garbage was going on got ****ed. Big time. I saw my property value drop by 60% of my purchasing price. Those who had good credit and were responsible didn't even imagine that those who weren't were being handed money.
 

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You go girl! Keep pushing for this
PLLLLLEEEEEEEAAAAAZZZZZZZZEEE!!!!!111!!!!! I'll have so much more faith in our economic future if Glass Steagall gets reimplemented.

Warren Joins McCain to Push New Glass-Steagall Law for Banks

U.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

“Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.​

Should it be re-implemented ? Yes.

DID the doing away with Glass-Steagal cause the 2008 finincial collapse ? No.

Warren just reaches out to your average low information Liberal via the " evil bank narrative" and keeps her lying mouth shut when it comes to who put the policies in place that lowered 100 year old Standards for banks and 60 year old standards for Fannie Mae.

All done under the false pretenses of "discriminatory" practices by lenders.

In 2004 when Fannies regulator was warning Congress of the two GSEs eventual Collapse, Democrats were sitting in front of Republican held Comitees lieing their asses off.

As the Republicans were trying to pass stricter regulations Fannie was doubling down on their extremely corrupt and irresponsible behaviour by getting into NINA loans and buying up massive amounts of privately issued mortgage backed securities.

What any investment bank or lending corporation did as far as unethical practices pales in comparison to the Corruption that Continued through questioning of investigative comittees at the GSEs.

When I hear her address the Government Sponsored Criminals at Fannie and Freddie I'll listen up but so far she's just another useless Democrat that only appeals to low information voters.
 

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Should it be re-implemented ? Yes.

DID the doing away with Glass-Steagal cause the 2008 finincial collapse ? No.

Warren just reaches out to your average low information Liberal via the " evil bank narrative" and keeps her lying mouth shut when it comes to who put the policies in place that lowered 100 year old Standards for banks and 60 year old standards for Fannie Mae.

All done under the false pretenses of "discriminatory" practices by lenders.

In 2004 when Fannies regulator was warning Congress of the two GSEs eventual Collapse, Democrats were sitting in front of Republican held Comitees lieing their asses off.

As the Republicans were trying to pass stricter regulations Fannie was doubling down on their extremely corrupt and irresponsible behaviour by getting into NINA loans and buying up massive amounts of privately issued mortgage backed securities.

What any investment bank or lending corporation did as far as unethical practices pales in comparison to the Corruption that Continued through questioning of investigative comittees at the GSEs.

When I hear her address the Government Sponsored Criminals at Fannie and Freddie I'll listen up but so far she's just another useless Democrat that only appeals to low information voters.
What complete nonsense, the Republicans had control of both houses of Congress in 2004 so they could have passed any legislation they desired. The Democrats took control of the House in Jan 2007. Low information voter? LMAO.
 
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