Forum Post: Repeal Gramm-Leach-Bliley. Re-Enact Glass-Steagle
Posted 12 years ago on Nov. 7, 2011, 12:02 p.m. EST by jaamesk
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The Glass-Steagle Act of 1933 was enacted to protect us from what caused the crash of 1929 and the Great Depression. This law forbid banks, insurance companies, and securities brokerages from consolidating under one corporate umbrella. It also stipulated that commercial banks had to be separate from investment banks to protect depositors’ money from being invested in high risk securities. Made sense, and it effectively acted as our economic bodyguard for seven decades. Then in 1999, Clinton enacted the Gramm-Leach-Bliley Act which, for all intents and purposes, took Glass-Stagle and threw it right out the window. This allowed Citibank,Travelers' Insurance, and Soloman Smith Barney to merge and form Citigroup--the largest financial institution in the world. Nine years later we had a repeat of the 1929 crash. Anyone who thinks we haven't been in a severe depression needs therapy.
Re-enact the Glass-Steagle Act of 1933!
The ugly truth about the housing market, Countrywide, predatory lending, and the endorsements of Oprah Winfrey, Ellen Degeneres, and Dr Phil. Ch'Ching!
The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest subprime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthy payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.
At this approximate time the worthless paper was sold to unsuspecting investors.
Oprah, Ellen, and Dr Phil were paid millions for their endorsements. Ch'Ching!
Dude - Glass-Steagall
yes.