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

  1. #41
    Gimmesometruth's Avatar
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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by a351 View Post
    It seems to be a largely symbolic gesture for many of it's supporters. I've yet to see sufficient evidence to suggest banks active in both arenas took on excessive risk when compared to their counterparts, or negative effects of diversification significant enough to ignore the benefits therein. Warren's tendency to support populist movements isn't surprising in the least though.
    Um, first off, they all were taking on excessive risk, that is self evident in the collapse and the bailing out of the banks to stop a total collapse.

    Second, the commercial banks became their "counterpart" in 1999 when Glass was repealed, both entities began taking on said "excessive risk", so of course a comparison would show little difference. If you want a comparison between the types of risk taken (investment/lending) between commercial and investment banks, you would have to do that BEFORE the repeal of Glass.

    The real risks of the repeal of Glass are far outweighed by whatever perceived "benefits".
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  2. #42
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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by poweRob View Post
    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 Then repealed in 1999 by the Gramm/Leach/Bliley act.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.
    Glass-Steagal also separated insurance companies, and separated real estate too. The reasoning behind Glass-Steagal was that, if one sector of the economy crashed, it would not take other sectors of the economy down with it, like what happened in 1929, and then again in 2007.
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