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 Then repealed in 1999 by the Gramm/Leach/Bliley act.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.
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.
Last edited by Captain Adverse; 07-11-13 at 11:34 PM.
If I stop responding it doesn't mean I've conceded the point or agree with you. It only means I've made my point and I don't mind you having the last word. Please wait a few minutes before "quoting" me. I often correct errors for a minute or two after I post before the final product is ready.
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.
Tucker Case - Tard magnet.