Forum Post: a platform that takes on unregulated banking
Posted 12 years ago on Dec. 5, 2011, 9:22 p.m. EST by jakmalak
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I have thought long and hard about what is wrong. I love my country, I believe in capitalism but I also believe in good governance. What has been missing is regulated banking. Its demise led to the S & L crisis, it fueled the dot.com bubble, it accelerated the housing bubble and it is bringing down the Euro. Good governance is regulated banking. Profit is not bad, out of control greed is bad. I want my banker to make money, I want my stockbroker to help me make money but no one needs to make so much money so fast that it undermines the system. Slow down show good governance. This is the message I would like occupy wall street to promote. It is digestible, it may not even offend the sensible among conservatives. Let's pick something that we can change and set our minds to it.
Bring back Glass/Steagall. It helped keep wall street's gambling addiction out of our banking system for 50 years. If you study the 1929 crash you will find that the mistakes made are almost identical, excessive risk taking, overuse of leverage. Glass /Steagall was created in response to the 1929 crash. Wall street and the banks convinced the government to relax all those sensible laws because we had become so smart and sophisticated and this time it would be different ------------well it was the same, so now we know.
we have been bankrupt since 1933