Plain Talk: Restore Law and Split Up The Banks! Restore Glass-Steagall: by Dave Zweifel

icon gravatar.comhost.madison.com/ct/news/opinion/column/dave_zweifel/article...
sent by OrpRam since 81 days 23 hours 33 minutes, published about 81 days 13 hours 28 minutes
Glass-Steagall stood as a firewall between commercial banks and Wall Street since 1933, when the country's leaders heeded the lessons of the 1929 stock market crash and set in place strict regulations in an attempt to prevent such an economic calamity from happening again. -- But the country's financial institutions chafed for decades under Glass-Steagall's restrictions. If only commercial banks could merge with investment banks and insurance companies, they argued, it would be so much better for the nation's economy. Gramm, who infamously insisted that the U.S. had become a nation of whiners when the economy started to tank in the fall of 2008, fought for years to repeal Glass-Steagall and finally got his way. Get government out of the way of the free marketplace, he argued, ignoring the fact that historically conservative banks would be joining the high-risk investment community and all the pitfalls it represents. --- --- U.S. Sen. Bernie Sanders, the Vermont independent, has introduced legislation that would require the Treasury Department to identify the so-called "too big to fail" conglomerates and force them to break up within a year. - Meanwhile, the Madison-based Center for Media and Democracy has started a new project called BanksterUSA to rally support for Sanders' legislation and advocate for prosecution of Wall Street executives who purposely manipulated markets for their private gain. Its motto is: "Too big to fail, but not too big for jail!" More information is on its website at www.BanksterUSA.org. After what we've gone through and what millions of innocent out-of-work Americans are still going through, it truly is time to restore Glass-Steagall and rid ourselves of these "too big to fail" conglomerates.
tags: greed-prd dbtsm-fscsm-fnncl fr mrkt fraud-ineqlty
5 commentscategory: Progressive Issues karma: 145

comments

  1. #1    the only way to understand why this has not happened as of today in response to the un-regulated greed-fraud fest that led to the 'greater depression' we are experiencing - -

    is to realize that the Obama administration has failed by re-introducing into the regulatory scheme the same bastards who (at the behest of and in collusion with private business owners) denuded the government's enforcement and oversight capabilities ~ meaning, Bill Clinton's people (summers, geithner and the rest of the well heeled flunkies) who needed to "get government off their backs!" so they could make some real bucks-

    example : summers made 15 million at a hedge fund between the time he de-regulat...

    » ver todo el comentario
    written by particle61 since 81 days 21 hours 17 minutesparticle61
  2. #2    - did anyone notice that the editor of the newspaper from Madison, named Zweifel, has a name very similar to the "editor" of the Onion (Zweibel) - the Onion (as I understand it) began in Madison

    truth is the progeny of satire is the progeny of truth is the progeny of satire is the progeny...
    written by particle61 since 81 days 21 hours 4 minutesparticle61
  3. #3    2 So what? Even if they are the same person (Something I don't know) Does it make his comments any less true? Or perhaps you think the switching of photos by Hannity of the Palin assault on Washington where on the day it actually happened was a clear, bright, sunny day with the leaves of the trees in their full color glory, and Hannity showing and portraying the supposed same assault, only with larger crowds as an overcast summer day with the same trees in their full summertime glory color, green. You keep watching Fox faux news and the "Know Nothing Party of the 1840's will be considered Einstein's compared to followers of Fox doctored photos and comments.
    written by deke4 since 81 days 9 hours 58 minutesdeke4
  4. #4    actually the best idea is to start up state owned banks. that way if money is to be created out of thin air the state can do it for printing costs, charge 2% for loans on real estate still make enough to pretty much eliminate the need for taxes.

    the resiidents then have extra money to spend from reduced mortgage costs, and unemployed can be employed by the state,since they have the ability to print up the money to pay them.

    and you know this would work
    written by rxgary since 81 days 9 hours 57 minutesrxgary
  5. #5    -
    a little clarification-

    I agree with the writer of this piece - and he is the editor of the Capital Times in Madison-

    (by the way, my mention of the Onion was to point out that the original editors of the satire news paper – who started the enterprise when they were attending university at UW Madison, likely and cleverly were lampooning an actual editor of a small town newspaper by naming their “editor” a name that is a take off on Mr. Zweifel- - and (again displaying their level of cleverness) apparently zweibel is German for Onion, and zweifel means doubt in German)

    What I was pointing out- which is apparently lost on some who apparently think of the discussion of what ne...

    » ver todo el comentario
    written by particle61 since 80 days 23 hours 14 minutesparticle61
closed comments
Who has negatively flagged this story?


who are we
code: license, download  |  images license Valid XHTML 1.0 Transitional    Valid CSS!   [Valid RSS]