Tornado Alley (PROG)

[fuagf]

Lest we Forget .. Glass–Steagall was virtually neutered by the time Clinton signed..
neutered by years of free-market fervor, pushed by you-know-who .. one bit ..

Starting in the early 1960s federal banking regulators interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities. By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the Gramm-Leach-Bliley Act of 1999 (GLBA), many commentators argued Glass–Steagall was already “dead .. much more .. http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80645604

just a reminder .. :) .. deregulation was all the rage for years before .. that said ..

See also:

Big Bank Welfare Queens Unprofitable Without Government
Subsidies, So Why Don’t We Regulate Them Like Utilities? .. last bit ..

The better solution in 1991 would have been to engineer a modestly and reliably profitable and boring banking industry. But that would have taken a lot more thought than letting bankers do what they wanted, which was enter the Wild West of investment banking. The result has been more frequent and severe financial crises, culminating with one that nearly destroyed the global economy. Unfortunately, no one in the officialdom seems able to recognize that the only time we had a long period of stability in the banking system in the US was when banks were strictly regulated and made only modest profits. Until policymakers are willing to act on that understanding, financiers will keep up their extortionate practices until they bleed their host dry. .. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=85150285