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Clinton was in favor of GLB. He admitted after the 2008 crash he had made a mistake deregulating Wall Street and derivatives.You have no issue with the republicans that created and introduced the bill?
The final version of the Gramm-Leach-Bliley Act passed the House by a vote of 362-57 and the Senate by a vote of 90-8. This made the bill "veto proof", meaning that if Clinton had decided to veto, the bill would have been passed anyways.
Fact Check: Did Bill Clinton Repeal the Glass-Steagall Act?
I agree, but passing a law would be up to congress."Urges regulators"? No, pass the laws and enforce them.
I agree, but passing a law would be up to congress.
May 24, 2018
President Donald Trump signed the biggest rollback of bank regulations since the global financial crisis into law Thursday.
The measure designed to ease rules on all but the largest banks passed both chambers of Congress with bipartisan support. Backers say the legislation will lift burdens unnecessarily put on small and medium-sized lenders by the Dodd-Frank financial reform act and boost economic growth.
IDK, if Biden can reverse it with an executive order.
He did.Clinton was in favor of GLB. He admitted after the 2008 crash he had made a mistake deregulating Wall Street and derivatives.
He did not sign GLB and CMFA because he thought a veto would be overriden. He signed because he approved.
Look who his Treasury Secretary was when GLB and CFMA were enacted.
Your site is spreading misinformation.
Your site is spreading misinformation.
A bail in involves a bank reducing its debt by devaluing bank shares, bonds, and UNINSURED deposits.
As long as you have less than $250,000 in each of your accounts, your money is not affected by a bail in.
Here's what you should actually be pissed off about. In 2018, the Republican House and Senate and Donald Trump passed a law (EGRRCPA} lowering the amount of cash reserves required to be held by banks, thus making a bail in MORE likely in a crisis.
So how does any of these rules, from 2017....translate to what happened to these banks in 2023...this is now the second time I've asked.Guess, you can't be bothered to read links or like your dear leader...........READ at all.
Stress test relief tops bank wish list ahead of Trump's rule ...
View attachment 781796
Reuters
https://www.reuters.com › article › us-usa-banks-regul...
Jun 2, 2017 — As Wall Street awaits President Donald Trump's vision for financial regulation, big U.S. banks are pushing for a lucrative change his ...
As President Donald Trump's administration works to roll back industry regulations deemed onerous, investors in banks like JPMorgan Chase & Co. (JPM) - Get Free Report , Bank of America Corp. (BAC) - Get Free Report and Citigroup Inc. (C) - Get Free Report could see another staple of oversight stripped away: annual "stress tests" by the Federal Reserve designed to ensure the firms are prepared for a big financial crisis.
The Trump administration in 2017 made good on its pledge to roll back post-crisis rules on the financial industry, installing former bank executives and lawyers to oversee key supervisory agencies like the Office of the Comptroller of the Currency and the Securities and Exchange Commission. He's also asked for cuts to the agencies' budgets, even amid growing concerns that markets are overheating, asset-price volatility has become eerily low and that the financial system could be targeted by a big cybersecurity attack.
Federal Reserve Chair Jerome Powell said during a U.S. Senate confirmation hearing in November that large banks have enough capital to keep lending to households and businesses "throughout the economic cycle, even when times are tough,"
It's amazing how quickly politicians succumb to pressure by the very institutions which nearly brought down the entire planet.
So how does any of these rules, from 2017....translate to what happened to these banks in 2023...this is now the second time I've asked.
It might help you to know the rules that were changed, and maybe find something from 2023, not 2017, explaining it for us.
Under Trump's EGRRCPA, all three banks which have collapsed were not required to have as much cash reserves on hand as they did under Dodd-Frank.So how does any of these rules, from 2017....translate to what happened to these banks in 2023...this is now the second time I've asked.
It might help you to know the rules that were changed, and maybe find something from 2023, not 2017, explaining it for us.
Under Trump's EGRRCPA, all three banks which have collapsed were not required to have as much cash reserves on hand as they did under Dodd-Frank.
It's amazing how quickly politicians succumb to pressure by the very institutions which nearly brought down the entire planet.
That pressure being campaign finance contributions, of course.
Every politician should have a background in economics.
www.americanprogress.org
Greenspan was an Ayn Rand acolyte. She was his personal guru.As I noted not long ago in this thread, even economists are saying stupid things. Greenspan was an economist and he said "Oops, I screwed up" (no not his exact words).
Bernanke was telling us right up until the markets crashed that all was secure.
Greenspan was an Ayn Rand acolyte. She was his personal guru.
Absolutely. All one has to do is look at who gets the political cash from Wall Street on Open Secrets.Democrats are every bit the slaves of the banks as Republicans.
I have frequently talked about how the playing field is legislatively tilted in favor of special interests. This is why punishing the poor or taxing the rich more won't solve any of our problems.So it takes more than being an economist. It takes not being a slave to the banks. Those people are few and far between.
So, the cause wouldn't be the fact they had stress? maybe that's what we shold be blaming...The banks have to undergo stress test less often, thus making it harder to identify banks that might be in trouble.
So, the cause wouldn't be the fact they had stress? maybe that's what we shold be blaming...
Not the fact they don't get stressed tested more often...and what would happen if they failed the test? Moreover, aren't some of these things that happened rather quickly? With Silocon Valley for example, it was fine one day, then rather quickly, due to the sky rocketing interest rates due to Xidneinflation they were struggling.
Cash reserves didn't have anything to do wth the banks unable to keep up with the sky rocketing interest rates that were put into place to combat the Xidenflation.Under Trump's EGRRCPA, all three banks which have collapsed were not required to have as much cash reserves on hand as they did under Dodd-Frank.
