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Forum Post: Bill Clinton's Cabinet Was Wrong

Posted 2 years ago on Dec. 27, 2011, 5:17 a.m. EST by fixwallstreetnow (42) from San Francisco, CA
This content is user submitted and not an official statement

http://www.huffingtonpost.com/2009/05/11/glass-steagall-act-the-se_n_201557.html

The repeal of Glass Steagall led to the destruction of our economy in 2008. We need to regulate Wall Street, derivatives, and Hedge Funds. Not give our FDIC insured deposits so the banks can gamble as they are doing now.

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[-] 1 points by demcapitalist (977) 2 years ago

Yup we do. I blame Greenspan's fed, from Reagan to Bush and including Clinton. There are two completely opposite points of view on the right One is the Greenspan view that we can have self regulating banks that can do whatever trading they want and have fed and taxpayer funds to rely on when the casino has a bad day. The other is the libertarian point of view where banks are self regulating but with no fed or FDIC, the problem with that economic theory is that you probably won't be able to get rid of the fed so the libertarian idea will just lead to more unregulated reckless gambling. We need to put strict laws in place to govern our fed and FDIC insured banks, personally I don't think wall street banks should be part of that system Wall street should not be able to borrow from the fed or fed banks or be insured by the FDIC, those banks could be unregulated and not our problem and if the tea party wants to start some deregulated uninsured banks ---let them have it, just put a warning on the documents.