Why doesn't congress just put the rules back in place from '99? - GoFuckYourself.com

uno · 10-27-2009, 11:41 AM

Why not reinstate the Glass-Steagall Act of 1933? If that is truly a big part of why we are so fucked today it seems to make sense to put it back.

teomaxxx · 10-27-2009, 11:49 AM

Quote:

Originally Posted by uno

Why not reinstate the Glass-Steagall Act of 1933? If that is truly a big part of why we are so fucked today it seems to make sense to put it back.

why?
cause the same crooks who helped to lay-out the foundation for current crises are now
in charge to solve it....they are all owned by wallstreet crooks and there is no reason to change anything:

Wall St. Is Winning - Record Bonuses
http://www.gofuckyourself.com/showthread.php?t=933672
wallstreet get richer, while j6p got poorer .

Barefootsies · 10-27-2009, 12:03 PM

Quote:

Originally Posted by uno

Why not reinstate the Glass-Steagall Act of 1933? If that is truly a big part of why we are so fucked today it seems to make sense to put it back.

Or the early 80's.

That includes restrictions on for profit health care, and insurance. There were also a lot of financial restrictions removed under the Republican's god Reagan.

uno · 10-27-2009, 12:43 PM

Quote:

Originally Posted by Barefootsies

Or the early 80's.

That includes restrictions on for profit health care, and insurance. There were also a lot of financial restrictions removed under the Republican's god Reagan.

It would be a nice start.

Snake Doctor · 10-27-2009, 02:07 PM

Glass-Steagall doesn't deal with derivatives, because those didn't exist back then, and those are the biggest part of the problem IMHO.

The way derivatives work is the equivalent of me being able to buy a fire insurance policy on your house, setting your house on fire myself, and then collecting on my policy.

The whole regulatory framework has to be rewritten unfortunately. It's next on the agenda after healthcare from what I hear.

uno · 10-27-2009, 02:42 PM

Quote:

Originally Posted by Snake Doctor

Glass-Steagall doesn't deal with derivatives, because those didn't exist back then, and those are the biggest part of the problem IMHO.

The way derivatives work is the equivalent of me being able to buy a fire insurance policy on your house, setting your house on fire myself, and then collecting on my policy.

The whole regulatory framework has to be rewritten unfortunately. It's next on the agenda after healthcare from what I hear.

I heard someone else use that exact same metaphor. Can't remember where tho.

tiger · 10-27-2009, 03:27 PM

Quote:

Originally Posted by teomaxxx

why?
cause the same crooks who helped to lay-out the foundation for current crises are now
in charge to solve it....they are all owned by wallstreet crooks and there is no reason to change anything:

Wall St. Is Winning - Record Bonuses
http://www.gofuckyourself.com/showthread.php?t=933672
wallstreet get richer, while j6p got poorer .

Exactly

Quote:

Originally Posted by Snake Doctor

Glass-Steagall doesn't deal with derivatives, because those didn't exist back then, and those are the biggest part of the problem IMHO.

The way derivatives work is the equivalent of me being able to buy a fire insurance policy on your house, setting your house on fire myself, and then collecting on my policy.

The whole regulatory framework has to be rewritten unfortunately. It's next on the agenda after healthcare from what I hear.

Glass-steagall did keep derivatives relatively in check though. Still derivatives should be axed and glass-steagall put back in place, pretty simple solution but not enough politicians have the balls to do anything about it apparently.

10-27-2009, 11:41 AM	#1
uno RIP Dodger. BEST.CAT.EVER Industry Role: Join Date: Dec 2002 Location: NYC Area Posts: 18,450	Why doesn't congress just put the rules back in place from '99? Why not reinstate the Glass-Steagall Act of 1933? If that is truly a big part of why we are so fucked today it seems to make sense to put it back. __________________ -uno icq: 111-914 CrazyBabe.com - porn art MojoHost - For all your hosting needs, present and future. Tell them I sent ya!

10-27-2009, 02:07 PM	#5
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	Glass-Steagall doesn't deal with derivatives, because those didn't exist back then, and those are the biggest part of the problem IMHO. The way derivatives work is the equivalent of me being able to buy a fire insurance policy on your house, setting your house on fire myself, and then collecting on my policy. The whole regulatory framework has to be rewritten unfortunately. It's next on the agenda after healthcare from what I hear.