Is that why some had to be bailed out? Because they were safe?
Oh, Look! Here's Trump looking out for the little guy
- Thread starter Frederick Foresight
- Start date
Is that why some had to be bailed out? Because they were safe?
What's in a name?
Let's consider the Gramm-Leach-Bliley Act of 1999 which undid much of the Glass-Steagall Act. Who are Phil Gramm, Jim Leach and Thomas Bliley? Well, they are the principal authors of the Gramm-Leach-Bliley Act. Do they have anything else in common? Yes they do. They are all Republicans.
Let's also consider the Commodity Futures Modernization Act of 2000. This bill was introduced by the Republicans, passed both houses but never debated and signed by the lame-duck president Bill Clinton when he was in no position to veto anything.
LIBERAL IDIOCY:
Passed by a REPUBLICAN controlled House of Representatives.
Passed by a DEMOCRAT controlled Senate.
Signed into law by a DEMOCRAT President.
Must be the Republican's fault.
Average Joe is a sucker, Trump campaigned on this, are we surprised? The banks will do the same shit all over again; issue subprime credit loans obfuscated by legalspeak, sell credit default swaps and then we'll be on the hook for the next bailout.
All I can say is if you did not see this coming and failed to go long on Financial ETF's you're missing out.
All I can say is if you did not see this coming and failed to go long on Financial ETF's you're missing out.
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No. It isn't. Go back and re-read your post in response to Arnie. That's what my response is in regard to .
You wrote "By separating banking from prop trading, it kept commercial banks as places where money was safe to be kept."
This of course is incorrect. Commercial banks were safe before and after GLBA as a place to keep money up to the limits of the FDIC. Repeal of GS did not make banks any less safe for depositors.
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And I wont forget that Goldman and Morgan Stanley conveniently became depositor institutions during the height of the financial crises. In other words, FDIC had some potential problems going forward.
Average Joe is a sucker, Trump campaigned on this, are we surprised? The banks will do the same shit all over again; issue subprime credit loans obfuscated by legalspeak, sell credit default swaps and then we'll be on the hook for the next bailout.
All I can say is if you did not see this coming and failed to go long on Financial ETF's you're missing out.
I agree with you. It's an issue that doesn't have an (R) or a (D) in front of it as both sides are bought and paid for.
In other words, it had BI-partisan support. If you'll agree that both the R's and the D's are/were in favor of the same Wall Street interests we can move on.
Even BHO in 2008 talked tough on the topic and essentially did nothing to clean it up. There is no possibility of putting the genie back in the bottle at this point. TBTF x 100
I will bet Weill responded to Rubin's clip...
"We already have."
Plus...
"Here is your deal when Clinton signs this." Don't worry Clinton and Hillary will get millions in speeches and book deals. Goldman already has Gore on board with the global warming movie money and carbon exchange.
And we have China ready to rock with Walmart and IBM with outsourcing once Clinton and Gore get them the military tech secrets.
The american people won't care their are being robbed by inflation because we have the housing marketed rigged for about a decade.
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
....
On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant. The previous year, Weill had called Secretary Rubin to give him advance notice of the upcoming merger announcement. When Weill told Rubin he had some important news, the secretary reportedly quipped, "You're buying the government?"
[/QUOTE]
"We already have."
Plus...
"Here is your deal when Clinton signs this." Don't worry Clinton and Hillary will get millions in speeches and book deals. Goldman already has Gore on board with the global warming movie money and carbon exchange.
And we have China ready to rock with Walmart and IBM with outsourcing once Clinton and Gore get them the military tech secrets.
The american people won't care their are being robbed by inflation because we have the housing marketed rigged for about a decade.
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
....
On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant. The previous year, Weill had called Secretary Rubin to give him advance notice of the upcoming merger announcement. When Weill told Rubin he had some important news, the secretary reportedly quipped, "You're buying the government?"
[/QUOTE]
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