Should Glass Steagal law be reinstated?

[Dad2three]

The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith

Galbraith was a silly communist!! Not surprising that dumbto3 love him!


For example, who can forget his infamous 1984 quote that the communist system in the former Soviet Union was superior to capitalism because, according to Galbraith, the communists somehow made better and more efficient use of its "manpower" than did the West? Indeed, to the very end, Galbraith was a socialist impersonating an economist.


John Kenneth Galbraith, an intellectual icon of the Old Left and New Left, said of the Soviets’ overtaking of Poland after World War II: “Russia should be permitted to absorb Poland, the Balkans, and the whole of Eastern Europe in order to spread the benefits of Communism” (Emphasis added).

lol, Got it, you have the usual right wing MYTHS, DISTORTIONS AND LIES. I'm shocked, shocked I tell you

Yet he viewed Galbraith in much the same light as Robbins. He wrote in a diary entry,
Later I dined with Galbraith and his wife at the Cosmos Club and then went on to their home in Georgetown to talk. He is the "relentless" type of radical, believes that Russia should be permitted to absorb Poland, the Balkans and the whole of Eastern Europe in order to spread the benefits of Communism, that the outlook for American politics is very black because even if the Roosevelt administration wins the next election the liberal New Dealers are now all a crowd of tired, cautious, conservative liberals etc. I think he may be a little embittered at the punishing experience at the OPA where there was a witch hunt against liberal College professors of which he was the main victim.

In a footnote to this entry inserted right after the word "Communism," the diary editors state, "Meade now suspects that he may have unfairly misinterpreted Galbraith's views, and Galbraith denies that he ever held such views."

Mises Daily Mises Institute


KEEP TRYING LIAR!

 

[Dad2three]

How else do you explain Glenn Beck calling John McCain a "progressive?"

dear, who cares? Freedom from liberal govt is the basic principle of America. Why not go to Cuba where you belong?

Right the most RADICAL LIBERAL AND educated of their times, the Founders, were liberals,. NO NOT classical liberals, those were the guys who wanted to keep the Articles of Confederation dummy OR the Torries who stood with King George, you know conservatives? lol


Grow a brain Bubba?

STILL waiting on ONE policy conservatives have EVER been correct on in the US? EVER? lol

 

[Dad2three]

But the biggest policy was regulators not enforcing lending standards.

dear, FDR USSR Red China all thought they picked the regulations that would work. What does that teach you. Sadly, as a typical liberal you simply lack the IQ to understand how capitalist regulation works.

So did Harding/Coolidge (GOP great depression), Ronnie (S&L crisis) and Dubya (subprimes), how'd they work out? lol

 

[CultureCitizen]

This law separated commercial and investment banks. IMHO the repeal of this important legislation was one of the main causes which lead into the 2008 crisis.

What are your thoughts on this topic?
Should this law be reinstated? What would be the downside ? Who is proffiting from the current legislation and who would loose if it was reinstated?

Glass Steagall Legislation - Wikipedia the free encyclopedia

The article on the 1933 Banking Act describes the legislative history of that Act, including the Glass–Steagall provisions separating commercial and investment banking. As described in that article, between 1930 and 1932 Senator Carter Glass (D-VA) introduced several versions of a bill (known in each version as the Glass bill) to regulate or prohibit the combination of commercial and investment banking and to establish other reforms (except deposit insurance) similar to the final provisions of the 1933 Banking Act.

Absolutely it should be re-instated and derivatives should be outlawed. The sum total of derivative liability for the big banks is about $600 trillion. They just passed a banking law that states if any bank goes belly up, the derivative creditors get first dibs on the money left in the bank. Now when a bank goes down, they seize your funds. You're what they call an "un-insured creditor". It's called a "bail in".

Glass-Steagall would stop all this bullshit.

We also need to start investing in "public banks".

What are you people smoking??

Glass Steagall would not stop any of that.

I am not thinking it would stop it. The asset bubble was there all the time. But I think what happened was it made the burst a lot worse... think of it , toxic assets are still there .

700 billion were given to the banks. Where did the magic number came from? ... and more importantly , how exactly was that taxpayer money spent. 700 billion would buy about 3.7 million houses. Enough housing for 15 million people.

Its an astounding number. From my point of view it means 3.7 americans defaulted completely on their morgage.

The Median Home Price Is 188 900. Here s What That Actually Buys You.

13 trillion in toxic assets? what's inside them? That's like a gazillion times the world's gdp !!

 

[Billo_Really]

Allow me to put this in perspective...

...once Glass-Steagall became law, we had over 50 years with no economic meltdown. Not long after the Gramm-Bliley bill repealed G-S, we had another economic meltdown.

 

[Politico]

Hell yes.

 

[EdwardBaiamonte]

Allow me to put this in perspective...

...once Glass-Steagall became law, we had over 50 years with no economic meltdown. Not long after the Gramm-Bliley bill repealed G-S, we had another economic meltdown.

if they are related please say how or admit to being a typical liberal illiterate.

proximity does not equal causation.

 

[EdwardBaiamonte]

So did Harding/Coolidge (GOP great depression),

Coolidge and Harding held office before Depression
see why we say liberalism is based in pure ignorance. Is any other conclusion possible?

 

[Dad2three]

Allow me to put this in perspective...

...once Glass-Steagall became law, we had over 50 years with no economic meltdown. Not long after the Gramm-Bliley bill repealed G-S, we had another economic meltdown.

Yes BUT Ronnie's S&L crisis came REAL close. Weird we elect guys who 'don't believe in' Gov't or Gov't regulators then are shocked when they allow the Bankters to rip US off!

 

[Dad2three]

So did Harding/Coolidge (GOP great depression),

Coolidge and Harding held office before Depression
see why we say liberalism is based in pure ignorance. Is any other conclusion possible?

LOL, SURE they did, and their policies ended the day they left office (Harding dying)?

Bubba, you REALLY need to grow up and grow a brain

 

[CultureCitizen]

Allow me to put this in perspective...

...once Glass-Steagall became law, we had over 50 years with no economic meltdown. Not long after the Gramm-Bliley bill repealed G-S, we had another economic meltdown.

Yes BUT Ronnie's S&L crisis came REAL close. Weird we elect guys who 'don't believe in' Gov't or Gov't regulators then are shocked when they allow the Bankters to rip US off!

In general I believe companies should not be regulated, with some notable exceptions:

A) Banks- Because they use money which doesn't actually belong to them ( if every creditor became shareholder, that would be a different matter. Please note that each time you put your money in the bank the bank writes it down as a liability).
B) Healthcare - Because demand is completely inelastic : Say a pill to cure you from cancer costed $10. Would you buy it ? Sure. Now say it costed 1,000? Would you buy it ? Probably too. Now say it costs 100,000 . Would you buy it? Probably , if you had the money or you could get a credit.
C) Monopolies / Oligopolies - Because free markets require many competitiors.
E) I would add college education for the near future. There is an increasing gap between the required jobs and the available workforce. Highly skilled jobs are required to automate production and create innovations, while jobs which require less trainning become more scarce and get paid less as they are outsourced to other countries. There seems to be a market failure in this area as the US has the most expensive college education .

 

[Wry Catcher]

. Weird we elect guys like Dubya and Reagan (S&L) who don't 'believe in' Gov't, then are shocked when they ignore regulator warnings and as the executive in charge of regulators, are shocked shit happens under them

too stupid by 1000%!!!! FDR, USSR, Red China, East Germany regulated like crazy and it didn't work but dumbto3 wants to keep trying when the USA is the least regulated and most successful.

You really are too stupid to engage in any debate or discussion. Find a new hobby, something in which you might have some competence, and never ever call anyone stupid.

 

[EdwardBaiamonte]

You really are too stupid to engage in any debate or discussion. Find a new hobby, something in which you might have some competence, and never ever call anyone stupid.

of course if a comment was stupid the liberal would not be so afraid to say why. What does your fear teach you?[/QUOTE]

 

[EdwardBaiamonte]

So did Harding/Coolidge (GOP great depression),

Coolidge and Harding held office before Depression
see why we say liberalism is based in pure ignorance. Is any other conclusion possible?

LOL, SURE they did, and their policies ended the day they left office (Harding dying)?

Bubba, you REALLY need to grow up and grow a brain

total 100% idiot liberal. Name the policy of of Coolidge and Harding that caused the Great Depression keeping in mind that Bernanke ( the world's greatest expert) knows it was caused by mistaken monetary policy. As I said ,total. What other conclusion is possible?

 

[Dad2three]

So did Harding/Coolidge (GOP great depression),

Coolidge and Harding held office before Depression
see why we say liberalism is based in pure ignorance. Is any other conclusion possible?

LOL, SURE they did, and their policies ended the day they left office (Harding dying)?

Bubba, you REALLY need to grow up and grow a brain

total 100% idiot liberal. Name the policy of of Coolidge and Harding that caused the Great Depression keeping in mind that Bernanke ( the world's greatest expert) knows it was caused by mistaken monetary policy. As I said ,total. What other conclusion is possible?

Wait, the guy who led the fed? lol


Weird, the GOP had a credit bubble after WW 1 AND and had a housing boom (and bust) in Cali, NY, and Florida 1925-1927???

First, American firms earned record profits during the 1920s and reinvested much of these funds into expansion. By 1929, companies had expanded to the bubble point. Workers could no longer continue to fuel further expansion, so a slowdown was inevitable. While corporate profits, skyrocketed, wages increased incrementally, which widened the distribution of wealth. The richest one percent of Americans owned over a third of all American assets. Such wealth concentrated in the hands of a few limits economic growth. The wealthy tended to save money that might have been put back into the economy if it were spread among the middle and lower classes.

There were fundamental structural weaknesses in the American economic system. Banks operated without guarantees to their customers, creating a climate of panic when times got tough. Few regulations were placed on banks and they lent money to those who speculated recklessly in stocks. Agricultural prices had already been low during the 1920s, leaving farmers unable to spark any sort of recovery. When the Depression spread across the Atlantic, Europeans bought fewer American products, worsening the slide.

When President Hoover was inaugurated, the American economy was a house of cards.

The Great Depression ushistory.org

SOUND ANYTHING LIKE DUBYA'S SUBPRIME BUBBLE? lol

 

[Dad2three]

. Weird we elect guys like Dubya and Reagan (S&L) who don't 'believe in' Gov't, then are shocked when they ignore regulator warnings and as the executive in charge of regulators, are shocked shit happens under them

too stupid by 1000%!!!! FDR, USSR, Red China, East Germany regulated like crazy and it didn't work but dumbto3 wants to keep trying when the USA is the least regulated and most successful.

You really are too stupid to engage in any debate or discussion. Find a new hobby, something in which you might have some competence, and never ever call anyone stupid.

Got it, you don't like that I called out both Reagan and Bush for ignoring regulator warnings and causing the largest Bankster crashes since Harding/Coolidge's of the 1920's! Gotta love how the GOPers allow the Bankster to run wild, lol

 

[Dad2three]

Allow me to put this in perspective...

...once Glass-Steagall became law, we had over 50 years with no economic meltdown. Not long after the Gramm-Bliley bill repealed G-S, we had another economic meltdown.

Yes BUT Ronnie's S&L crisis came REAL close. Weird we elect guys who 'don't believe in' Gov't or Gov't regulators then are shocked when they allow the Bankters to rip US off!

In general I believe companies should not be regulated, with some notable exceptions:

A) Banks- Because they use money which doesn't actually belong to them ( if every creditor became shareholder, that would be a different matter. Please note that each time you put your money in the bank the bank writes it down as a liability).
B) Healthcare - Because demand is completely inelastic : Say a pill to cure you from cancer costed $10. Would you buy it ? Sure. Now say it costed 1,000? Would you buy it ? Probably too. Now say it costs 100,000 . Would you buy it? Probably , if you had the money or you could get a credit.
C) Monopolies / Oligopolies - Because free markets require many competitiors.
E) I would add college education for the near future. There is an increasing gap between the required jobs and the available workforce. Highly skilled jobs are required to automate production and create innovations, while jobs which require less trainning become more scarce and get paid less as they are outsourced to other countries. There seems to be a market failure in this area as the US has the most expensive college education .

That system NEVER would work. Nice idea, but greed will ALWAYS ruin it. Without Gov't regulators, the shysters will ALWAYS come out of the wood work, or when a GOPer is in charge...

 

[EdwardBaiamonte]

. Without Gov't regulators, the shysters will ALWAYS come out of the wood work, .

exactly what they thought in the soviet union! Liberals beleive in magical regulators like children believe in Santa Claus. Its 100% ignorance.

Capitalism works best because the people regulate 10,000 companies out of existence every month when they don't have the best price and quality in the entire world! A liberal simply lacks the IQ to understand capitalism.

 

[EdwardBaiamonte]

. Weird we elect guys like Dubya and Reagan (S&L) who don't 'believe in' Gov't, then are shocked when they ignore regulator warnings and as the executive in charge of regulators, are shocked shit happens under them

too stupid by 1000%!!!! FDR, USSR, Red China, East Germany regulated like crazy and it didn't work but dumbto3 wants to keep trying when the USA is the least regulated and most successful.

You really are too stupid to engage in any debate or discussion. Find a new hobby, something in which you might have some competence, and never ever call anyone stupid.

Got it, you don't like that I called out both Reagan and Bush for ignoring regulator warnings and causing the largest Bankster crashes since Harding/Coolidge's of the 1920's! Gotta love how the GOPers allow the Bankster to run wild, lol

dear it was a liberal housing bubble caused when Feds printed the money to create the bubble to stimulate the economy.

Isn't thinking fun?

 

[CultureCitizen]

. Weird we elect guys like Dubya and Reagan (S&L) who don't 'believe in' Gov't, then are shocked when they ignore regulator warnings and as the executive in charge of regulators, are shocked shit happens under them

too stupid by 1000%!!!! FDR, USSR, Red China, East Germany regulated like crazy and it didn't work but dumbto3 wants to keep trying when the USA is the least regulated and most successful.

You really are too stupid to engage in any debate or discussion. Find a new hobby, something in which you might have some competence, and never ever call anyone stupid.

Got it, you don't like that I called out both Reagan and Bush for ignoring regulator warnings and causing the largest Bankster crashes since Harding/Coolidge's of the 1920's! Gotta love how the GOPers allow the Bankster to run wild, lol

dear it was a liberal housing bubble caused when Feds printed the money to create the bubble to stimulate the economy.

Isn't thinking fun?

Oooh then I guess Bernie Madoff is just a product of our imagination. Hey , great news.