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Originally Posted by stocktrader23
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Completely insane.
As the outcry grows BofA and assorted ilk will do as much as they can before the govt is forced to step in and change the laws.
I say forced because at some point they will have no choice.
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Upstate NY congressman Maurice Hinchey put it best. "What Bank of America is doing is perfectly legal ? and that's the problem,? he said.
This is exactly why the Glass-Steagall Act needs to be reinstated: without a separation of Investment Banks and Commercial Banks, what we end up getting is taxpayer-guaranteed gambling. Instead of encouraging prudence and savings by insuring deposits in commercial banks, the FDIC is now being turned into a vehicle for socializing speculative losses.
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