The Dodd-Frank Wall Street Reform and Consumer Protection Act (7/21/2010) is not strong enough. The Glass-Steagall Act did a better job of separating financial entities to reduce conflicts of interest and fraud in their securities activities. Deregulation of the Act contributed to the financial crisis (2007-2011…) when you hear deregulation — think — “changing regulations to benefit the corporations”!
“The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. Some economists believe this repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors’ money that was held in commercial banks owned or created by the investment firms.”
This is one of the first things the corporations attacked with their bought politicians. The cut it to pieces and voided most of the act so they could grow “to big to fail.”
Glass-Steagal… what is it? People need to know.
These elected representatives have effectively robbed the American populace by creating legislation and policies that led to Wall Street fleecing of the economy through bad mortgages, default credit swaps and issuance of securities with no real value. These elected officials are the problem and should not be allowed to influence policy because of the negative impact their bills have had on America. Please support me in demanding their recall.
They screwed up, they know it and they (tried) to fix it. http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
It is noteworthy that the call for Glass-Steagall by the OWS movement, actually began in Europe. Some of the “Indignados” recognized the principle of Glass-Steagall applies beyond the borders of the U.S., and began organizing for it in Europe. When the “Indignados” organizers came to the U.S. to meet up with the U.S. organizers, it became obvious that Glass-Steagall should be high on the list of demands. One of the big problems now, is that a lot of people don’t even know that a bill is in front of Congress to return to G-S. We need to mobilize IMMEDIATELY for its passage! There are of course people extremely “pissed off” at Congress and politics in general, but that should not deter people from mobilizing politically for something that will destroy Wall Street and the International Banking Cartel. Glass-Steagall is not a partisan issue, it is a reflection of a universal principle of self governance.
Steagalls are really dirty birds. I think they should all be killed. They are dirty and poop on everything. They don’t have a right to poop where they want or poop on my car. I vote against Steagalls.
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