Comments on: Financial reform must carry on http://blogs.reuters.com/hugo-dixon/2013/07/01/financial-reform-must-carry-on/ Mon, 18 Apr 2016 14:55:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: borisjimbo http://blogs.reuters.com/hugo-dixon/2013/07/01/financial-reform-must-carry-on/comment-page-1/#comment-673 Tue, 02 Jul 2013 06:37:55 +0000 http://blogs.reuters.com/hugo-dixon/?p=617#comment-673 Repeal Gramm-Leach-Bliley and the Commodity Futures Modernization Acts, reinstate Glass-Steagall. The only problem with the way the financial markets were regulated before was it didn’t let the banksters engage in the risky business that they wanted to.

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By: EconCassandra http://blogs.reuters.com/hugo-dixon/2013/07/01/financial-reform-must-carry-on/comment-page-1/#comment-672 Mon, 01 Jul 2013 23:57:14 +0000 http://blogs.reuters.com/hugo-dixon/?p=617#comment-672 I have a suggestion. How about updating and implementing the wealthy class succeeded in destroying, which is why we have the problems with bankers we have now.

In case no one remembers (apparently), we’ve been here before, with this same class of people.

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I’m sure you all know the answer, but here it is anyhow:

The Banking Act of 1933 (Pub.L. 73–66, 48 Stat. 162, enacted June 16, 1933) was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and imposed various other banking reforms.[1]

The entire law is often referred to as the Glass–Steagall Act, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama.

The term Glass–Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms.[2]That limited meaning of the term is described in the article on the Glass–Steagall Act.

The Banking Act of 1933 (the 1933 Banking Act) joined together two long-standing Congressional projects:

(1) a federal system of bank deposit insurance championed by Representative Steagall[3] and

(2) the regulation (or prohibition) of the combination of commercial and investment banking and other restrictions on “speculative” bank activities championed by Senator Glass as part of a general desire to “restore” commercial banking to the purposes envisioned by the Federal Reserve Act of 1913.[4]

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The most important part for our purposes in this discussion are the separation by law of the commercial and investing portions of banking activities, which the wealthy have managed to completely dismantle.

“The term Glass–Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms.[2]That limited meaning of the term is described in the article on the Glass–Steagall Act.

(2) the regulation (or prohibition) of the combination of commercial and investment banking and other restrictions on “speculative” bank activities championed by Senator Glass as part of a general desire to “restore” commercial banking to the purposes envisioned by the Federal Reserve Act of 1913.[4] ”

Wanna’ guess why the US economy is in trouble again?

I’ll let you figure that our for yourself.

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