Author Topic: Glass-Steagle Reinstate Yes or no  (Read 3455 times)

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BT

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Michael Tee

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Re: Glass-Steagle Reinstate Yes or no
« Reply #1 on: October 26, 2011, 05:48:17 PM »
Glass-Steagall is the first step of what was allowed to turn into a thousand-mile journey.  For sure, start on that road, but I think now that anyone starting out on it today will be overtaken by the Revolution.

Christians4LessGvt

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Re: Glass-Steagle Reinstate Yes or no
« Reply #2 on: October 26, 2011, 06:28:05 PM »
will be overtaken by the Revolution.

Michael be careful what you wish for
this country is overwhelming conservative leaning & capitalistic
if there were a revolution i doubt people of your ilk will fair very well
if anything we could end up with a dictator that would not be anywhere near
commi sympathetic....in fact it could get very grim for socialists and commi types

"Mr. Gorbachev, tear down this wall!" - Ronald Reagan - June 12, 1987

Xavier_Onassis

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Re: Glass-Steagle Reinstate Yes or no
« Reply #3 on: October 26, 2011, 06:32:56 PM »
The majority of the people of this country do not lean to the right. Only a very few are actually capitalists, i.e., people who live exclusively off the return from their investments.

Wall Street gave us this recession because Wall street got proper regulations removed. A few people made huge bonuses and everyone else got screwed.
« Last Edit: October 26, 2011, 11:07:51 PM by Xavier_Onassis »
"Time flies like an arrow; fruit flies like a banana."

BT

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Re: Glass-Steagle Reinstate Yes or no
« Reply #4 on: October 26, 2011, 06:47:29 PM »
Let's try to avoid the usual revolution and classwarfare BS and discuss why or why not Glass-Steagle should or should not be reinstated.

Make your case.

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

Christians4LessGvt

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"Mr. Gorbachev, tear down this wall!" - Ronald Reagan - June 12, 1987

Christians4LessGvt

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Re: Glass-Steagle Reinstate Yes or no
« Reply #6 on: October 26, 2011, 07:03:33 PM »
Only a very few are actually capitalists, i.e., people who live exclusively off the return from their investments.

Most Americans support capitalism.
If they didn't try running someone that is anti-capitalism & see how well they do in 2012!
Yeah run an avowed Commi or Socialist in 2012 and lets see how many states they win!
"Mr. Gorbachev, tear down this wall!" - Ronald Reagan - June 12, 1987

Michael Tee

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Re: Glass-Steagle Reinstate Yes or no
« Reply #7 on: October 26, 2011, 07:27:33 PM »
CU4, I am not sure that most people in the US are "conservative," but it doesn't really matter in class war terms, because their political leanings don't affect their class.  By that, I mean that a person might be among the poorest of the poor and yet support a political POV that favours the rich against his own class.  Regardless of his political position, he is still basically a poor man.

A "conservative" government with massive popular support would have to deal with its own contradictions.  Their problem would be that while their basic ideology brought them support from the 1%, their base amongst the 99% would be demanding that their interests be served.  The basic contradiction would be between serving the interests of the rich and of that portion of the 99% that supported them.

So the large popular support for conservative parties (GOP and Dem) is really a source of contradiction within both parties, since their real agenda is to serve the rich, but their more numerous supporters in the country will also be demanding service for their interests as well.  Revolution will be violently suppressed as long as the parties in power have the support of enough of the 99% to get away with massive, up to lethal force against those who demand real changes, support which they apparently possess today. 

However with the passage of time, the internal contradictions deepen and become harder and harder to explain away to the satisfaction of the 99%.  Their continuing obligations to the rich prevent them from delivering on the real reforms which are demanded and routinely promised in vain.  Support for the use of force ebbs, and the police and military units formerly counted upon to provide the muscle, begin to realize that they too are part of the 99%.  Gradually, as the crisis worsens, the 1% can no longer count on the support of the majority of the country nor on the continuing loyalty of their goon squads.  This point has not yet been reached, but it's definitely on the way.

Kramer

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Re: Glass-Steagle Reinstate Yes or no
« Reply #8 on: October 26, 2011, 07:46:26 PM »
Glass-Steagall is the first step of what was allowed to turn into a thousand-mile journey.  For sure, start on that road, but I think now that anyone starting out on it today will be overtaken by the Revolution.

You just saw Part One of the Revolution last Nov. and Part Two will happen Nov. 2012. Then we roll back all this liberal crap.

Plane

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Re: Glass-Steagle Reinstate Yes or no
« Reply #9 on: October 26, 2011, 08:36:20 PM »
  Glass-Steagal might help, I am not sure.


     But what I would like most would be a very transparent system, a way to know what is happening and difficulty in keeping secrets from the public about investments.


    Seaparateing Banks from Brokers doesn't really do this for either of them does it?
 

Michael Tee

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Re: Glass-Steagle Reinstate Yes or no
« Reply #10 on: October 26, 2011, 08:46:29 PM »
<<Seaparateing Banks from Brokers doesn't really do this for either of them does it?>>

Separating investment banking from commercial banking wasn't about transparency, it was about risk.  When you deposit money with a bank, under Glass-Steagall, you didn't have to worry exactly where your money was being invested by the banker, because commercial bank investments were limited by law to very conservative investments.  There wasn't a chance in hell of your commercial bank investing your deposits in mortgage derivatives or CDS or other exotica.   So you didn't really need to know which blue-chip security your bank was into at the moment.  Without Glass-Steagall, the range of investments permitted to your commercial bank is the same range permitted to investment banking, which can range into some very weird and exotic territory.

Plane

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Re: Glass-Steagle Reinstate Yes or no
« Reply #11 on: October 26, 2011, 08:59:32 PM »
<<Seaparateing Banks from Brokers doesn't really do this for either of them does it?>>

Separating investment banking from commercial banking wasn't about transparency, it was about risk.  When you deposit money with a bank, under Glass-Steagall, you didn't have to worry exactly where your money was being invested by the banker, because commercial bank investments were limited by law to very conservative investments.  There wasn't a chance in hell of your commercial bank investing your deposits in mortgage derivatives or CDS or other exotica.   So you didn't really need to know which blue-chip security your bank was into at the moment.  Without Glass-Steagall, the range of investments permitted to your commercial bank is the same range permitted to investment banking, which can range into some very weird and exotic territory.

     The people got bored with that, by 2000 more than half the investable money was in stocks , bonds and other securitys ,the banks share was shrinking.
      The generation that had direct investing memory of the great depression was passing and taking with them the wisdom of making a portion of saving very conservative.
       The people were not supporting the boring banks anymore.

sirs

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Re: Glass-Steagle Reinstate Yes or no
« Reply #12 on: October 26, 2011, 09:12:40 PM »
Here's Tee's version of 99% - 1%


"The worst form of inequality is to try to make unequal things equal." -- Aristotle

Michael Tee

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Re: Glass-Steagle Reinstate Yes or no
« Reply #13 on: October 26, 2011, 09:25:06 PM »
 <<The people were not supporting the boring banks anymore.>>

Glass-Steagall and other New Deal Blue Sky legislation was born when it was realized that the people are too fucking dumb to know what to support.  When they were allowed their "freedom" they were almost inevitably robbed of their life savings and something had to be done to protect them from the "malefactors of great wealth." 

I notice the medical profession is fairly tightly regulated.  I can't go out and experiment on a few drugged and sedated house pets and then set myself up as a surgeon, leaving it up to "the people" to decide if I was as good or better than a fancy med-school graduate.

The conservatives love to flatter the American people:  "Oooooh, you people are so smart.  You're smart enough to buy stocks without having to look in the prospectus.  Smart enough to figure out which banks to trust with your money.  etc. etc."

But it's all bullshit.  They are nowhere near that smart and they shouldn't be allowed to make such decisions as they do without major governmental oversight and regulation of the individuals or institutions they are putting their trust in.  Snake-oil salesmen (conservatives) butter them up with that kind of flattery and the dumb-ass people fall for it over and over again.  But they gotta be protected from their own stupidity.

Plane

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Re: Glass-Steagle Reinstate Yes or no
« Reply #14 on: October 26, 2011, 09:27:22 PM »
  If you are not free to be stupid you are not free at all.