Off-Topic: Banking Crisis
(Lake Martin Specific)
111,230 messages
Updated 10/1/2024 3:25:28 AM
Lakes Online Forum
84,043 messages
Updated 10/18/2024 7:50:56 PM
Lakes Online Forum
5,204 messages
Updated 9/14/2024 10:10:50 AM
(Lake Martin Specific)
4,171 messages
Updated 5/29/2024 10:51:34 PM
Lakes Online Forum
4,172 messages
Updated 9/9/2024 5:04:44 PM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,979 messages
Updated 6/26/2024 5:03:03 AM
(Lake Martin Specific)
169 messages
Updated 5/31/2023 1:39:35 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
|
Name:
|
jimmydurant
-
|
Subject:
|
Banking Crisis
|
Date:
|
2/12/2015 12:30:44 PM
|
|
It was Glass-Steagall that prevented the banks from using insured depositories to underwrite private securities and dump them on their own customers. This ability along with financing provided to all the other players was what kept the bubble-machine going for so long. Now, when memories are fresh, is the time to reinstate Glass-Steagall to prevent a third cycle of fraud on customers. Without the separation of banking and underwriting, it's just a matter of time before banks repeat their well-honed practice of originating garbage loans and stuffing them down customers' throats. Congress had the answer in 1933. Congress lost its way in 1999. Now is the chance to get back to the garden.
|
|