What?? You were serious about relying on a WorldNut Daily article??
Originally Posted by j-mac
Ok, fine, I counter it with a Daily Kos nut article ...
Summary of Provisions
-- Repeals the restrictions on banks affiliating with securities firms
contained in sections 20 and 32 of the Glass-Steagall Act.
Provisions of the Glass-Steagall Act
were directed at these abuses
(1) Banks were investing their own assets in securities
with consequent risk to commercial and savings deposits
. The concern of Congress to block this evil is clearly stated in the report of the Senate Banking and Currency Committee on an immediate forerunner of the Glass-Steagall Act.
(2) Unsound loans were made
in order to shore up the price of securities
or the financial position of companies in which a bank had invested
its own assets.
(3) A commercial bank's financial interest in the ownership, price, or distribution of securities inevitably tempted bank officials to press their banking customers into investing in securities which the bank itself was under pressure to sell
because of its own pecuniary stake in the transaction.
Daily Kos: A not-so-brief History of Banking's Mismanagment of Risk
... prove the Gramm-Leach-Bliley act wasn't a Conservative policy aimed at deregulation ...