Forum Post: Congressman Dingell (D) In 1999, Warns Against Repealing the Glass-Steagall Act of 1933 /// He Argues that Repealing the Law would Allow Banks to Become "Too Big To Fail," Causing Instability in the Financial System.
Posted 2 years ago on Jan. 21, 2012, noon EST by MonetizingDiscontent
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Too Big to Fail? Congressman Dingell (D) In 1999
In a speech on the Floor of the House of Representatives in 1999, Congressman Dingell warns against repealing the Glass-Steagall Act of 1933. He argues that repealing the law would allow banks to become "too big to fail," which would cause instability in financial system. Nonetheless, Congress repealed the law and the nation suffered the tragic consequences of the 2008 financial crisis about a decade later.
MUST SEE GRAPHIC - How The Too Big To Fail Banks Were Born
This is how the U.S. banking monopoly was created after more than two decades of unbridled bank mergers endorsed, and in some cases, encouraged the by the OCC, the FDIC, the FTC and the elimination of Glass-Steagall.
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