Again…although I agree…it would give all other financial institutions outside the US and governed by Glass-Stegall an unfair advantage. The answer is that all financial institutions be under Glass-Stegall. Now the question is how to get this done…world wide?
Thank goodness for the internet and the economy that exploded as a result.
I disagree with the unfair advantage idea.
I mean… we all agree that Glass-Stegall was one of the factors that contributed to the 2008 financial meltdown that cost the American people by some estimates over $12 Trillion dollars in lost wealth.
So… the cost of the fear of the loss of market share… not the actual loss of market share but the fear of loss of market share is measured in the Trillions of dollars.
Yeah… makes so much sense to play into that fear.
I’m not sure anyone is arguing to break up the banks. Jez seems to be looking for accountability. Which I agree with,
We don’t have to break up the banks, just keep banks out of the game of inventing and trading securities based on mortgages…
I am actually advocating breaking up the banks.
There should not be a world where anything is too big to fail.
We didn’t put in place tougher regulations in this country after 2008 due to politics and the little we did do is being whittled away by those in charge now. It’s all about deregulation these days.
The banks are doing the exact same thing they did with mortgages before 2008 - except this time they are doing it with corporate debt.
There were many many reports/articles about the looming crises in the years leading up to 2008, which were pretty much ignored by most everybody. People were giddy over the booming economy of those years.
Don’t say you haven’t been warned.
Canada largely escaped the last time because of the much stricter regs they have on banks.
Yep.
It was a failure of the Obama administration to not put in place the structure to punish those who not only caused he collapse but profited heavily from it during the bailouts.
It is a failure of Congress to chip away at the milquetoast Dodd-Frank bill over the past decade.
Despite all these regulations, Dodd-Frank never goes as far as Glass-Steagall did in separating commercial and investment banking. The closest it gets is the so-called Volcker Rule88 , proposed by former Federal Reserve Chairman Paul Volcker, which bans banks from risky speculative trading with federally-insured money. The Volcker Rule was enacted as part of Dodd-Frank in 2010 and is scheduled to be implemented on July 21st, 2012, but the specifics are still being debated by legislators, regulators and bank lobbyists.
No worries there about the Volcker Rule.
The Trump administration has basically voided it.
Try to keep up.
In keeping up…is there a difference between a proposal and a decision?
It’s been approved by all 5 agencies. It is still in the public comment stage (until 10/18.)
In a few more weeks it’ll take effect.
If you believe it won’t, I have a bridge to sell you.
Thanks. Seriously…IYO…why would these five agencies go along with this?
Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commissionah - my bad.
Seriously?!? You have to ask why?!? No wonder you’re a Trumpkin.
Just don’t complain when the whole thing goes kablooey again.
Fair enough…I tried but you are what you are.
Regulatory capture.
Idiots…
I disagree. If there is another financial meltdown, Donald and his ilk will address this -
by scrambling to deflect blame from themselves.
What can ordinary citizens do besides vote? The fact nobody went to jail for our financial collapse will always be a thorn in our history regarding government corruption.
