The Clinton administration end the The Glass-Steagal act in 1999.
Canada Got It Right.....US Got It Wrong....
- Thread starter libertad
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The Clinton administration end the The Glass-Steagal act in 1999.
Some good comments already from my american neighbors, here's another : Regulation in Canada is split!
The Bank of Canada (the central bank) does not have regulatory powers over the banking system, unlike the Fed which has huge powers, or rather responsibilities over the banking system.
The banking regulator is the OSFI.
We all know how bad the Fed is, well you can't expect the guy who comes in with the booze (Fed) to also be the one taking it away (regulator).
The Bank of Canada (the central bank) does not have regulatory powers over the banking system, unlike the Fed which has huge powers, or rather responsibilities over the banking system.
The banking regulator is the OSFI.
We all know how bad the Fed is, well you can't expect the guy who comes in with the booze (Fed) to also be the one taking it away (regulator).
and get this:
Bank of Canada is OWNED BY THE TAXPAYERS!!!!
But for some reason instead of lending money to ourselves, we still borrow money from private banks.
WTF....
Bank of Canada is OWNED BY THE TAXPAYERS!!!!
But for some reason instead of lending money to ourselves, we still borrow money from private banks.
WTF....
You know the Glass-Steagall act, but do you know the Republicans that sponsored the Gramm-Leach-Bliley Financial Services Modernization Act which ended Glass-Steagall?
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001."
Clinton was incapacitated by Lewinsky and the impeachment process to be of any effect in 1999 and 2000.
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
What job title did Bob Rubin hold prior to being Treasury Secratary and what job title did he hold after leaving the White House?
We also don't use 30:1 leverage
We can argue all day about what's wrong with financial regulation, who's fault it was, who got it right, and what to do next. But this is the little gem that will solve or create 99% of our future problems. If all we did was pass an ironclad law limiting margin to something like 4:1 for everybody, including the BSD investment bankers, then you could let them play in the sandbox as long as they liked, and invent whatever crazy crap their imaginations would allow.
We can argue all day about what's wrong with financial regulation, who's fault it was, who got it right, and what to do next. But this is the little gem that will solve or create 99% of our future problems. If all we did was pass an ironclad law limiting margin to something like 4:1 for everybody, including the BSD investment bankers, then you could let them play in the sandbox as long as they liked, and invent whatever crazy crap their imaginations would allow.
Ahhh did you know our top banker is ex-GS? We're doomed too..it'll just take longer. The Zionist bankers are in every country except for those countries named as the "Axis of Evil".
You get it now?
http://en.wikipedia.org/wiki/Mark_Carney
Before joining the public service, Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa's post-apartheid venture into international bond markets, and was heavily involved in Goldman Sachs's work with the 1998 Russian financial crisis.[5]
People should stop assuming that Canada is some type of safe haven if the worst comes to pass in the US or UK.
Canada is not even a republic it is just a commonwealth, their commander-in-chief is the queen and the British empire has been long dead since WW2 (that sound very reassuring).
Canada may have autonomous "dominion" status yet while they are politically isolated they are still highly dependent upon the US economically and they would also face a large decline in their living standards as well.
Not only that, but who does Canada depend on militarily? When there are conflicts in the arctic with Russia which country does Canada come running to?
The USA, so if the USA goes down Canada won't be too far behind.
Canada is not even a republic it is just a commonwealth, their commander-in-chief is the queen and the British empire has been long dead since WW2 (that sound very reassuring).
Canada may have autonomous "dominion" status yet while they are politically isolated they are still highly dependent upon the US economically and they would also face a large decline in their living standards as well.
Not only that, but who does Canada depend on militarily? When there are conflicts in the arctic with Russia which country does Canada come running to?
The USA, so if the USA goes down Canada won't be too far behind.