MaxedOutMama
Friday, March 06, 2009
Volcker: Bring Back Glass-Steagall
Bloomberg "Volcker Proposes Separating Commercial and Investment Banks":
Commercial banks should be separated from investment banks in order to avoid another crisis like the U.S. is now experiencing, according to former Federal Reserve Chairman Paul Volcker.In other words, the system we had in place since the Great Depression, the system that was undone during the Clinton administration - should be restored. And it should.
“Maybe we ought to have a kind of two-tier financial system,” Volcker, who heads President Barack Obama’s Economic Recovery Advisory Board, said today at a conference at New York University’s Stern School of Business.
Commercial banks would provide customers with depositary services and access to credit and would be highly regulated, while securities firms would have the freedom to take on more risk and practice trading, “relatively free of regulation,” said Volcker.
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So you make it hard for money to flow in the circles that brought down the system last time, by cutting off the first turn they might make ?
Why would that work ? Why wouldn't the investors simply take the next turn ?
Why would that work ? Why wouldn't the investors simply take the next turn ?
It would be nice to do that.
But I doubt it will happen. I further doubt if that bill got to obama's desk, he would veto it. Obama likes and looks forward to where our country is headed.
I am afraid we are collectively 'going over the cliff.' Life will be getting pretty scary as time passes.
Boys and girls, the games are over, way, way over.
Later,
Lostandgone
But I doubt it will happen. I further doubt if that bill got to obama's desk, he would veto it. Obama likes and looks forward to where our country is headed.
I am afraid we are collectively 'going over the cliff.' Life will be getting pretty scary as time passes.
Boys and girls, the games are over, way, way over.
Later,
Lostandgone
# posted by 
: 7:03 PM
: 7:03 PM
Paul Volcker has finally made public his position during this first week of March 2009, lets bring back Glass Steagall!
Why don´t tell the truth? The real reason behind this crisis is the repeal of the Glass Steagall Act. Bring it back and we will have the beginning of a real solution instead of flooding the economy with billions of dollars that will lead to the worst inflation since the 1920s in Germany. A more creative approach to finance this massive bailout is needed. Why should the taxpayer have to pay for Wall Street sins? Lets also expose the culprits: Citigroup stockholders, the Clinton Administration, and the crony capitalism of bankers and legislators of both parties. We really do not have an opposition party in America.
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Why don´t tell the truth? The real reason behind this crisis is the repeal of the Glass Steagall Act. Bring it back and we will have the beginning of a real solution instead of flooding the economy with billions of dollars that will lead to the worst inflation since the 1920s in Germany. A more creative approach to finance this massive bailout is needed. Why should the taxpayer have to pay for Wall Street sins? Lets also expose the culprits: Citigroup stockholders, the Clinton Administration, and the crony capitalism of bankers and legislators of both parties. We really do not have an opposition party in America.
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