Proposal to Breakup Banks Gains Momentum
“Lawmakers in both parties, seeking to prevent future financial crises while soothing public anger over bailouts and bonuses, are turning to an approach that’s both simple and transformative: re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking. A one-page proposal gaining traction in Congress could turn back the clock on Wall Street 10 years, forcing the breakup of banks, including Citigroup Inc.
“Lawmakers in both parties, seeking to prevent future financial crises while soothing public anger over bailouts and bonuses, are turning to an approach that’s both simple and transformative: re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking.” (Bloomberg, Monday)
Is this part of the Stimulus II?
FEE Timely Classic:
“Commercial Banking in a Free Society” by Steve Horwitz
Comment by OldDog on 29 December 2009:
Re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking will aid the International Bankers in the monopolization of their elite group of thieves. It did not prevent them from gaining control of government the first time around and it will not help now.
Nothing short of the complete destruction of their centralization of power over currency will do any good. Either this NATION demands the total annihilation of the international bankers and nullifies all past treaties, or it becomes a satellite of a global government under the control of a banker oligarchy, and all means of resistance will have been eliminated. This is what they have admitted is their goal, and this is what they are doing.
What they have been doing for the last two hundred years is akin to pouring ants on an infant, one at a time. OldDog said that!
wethepeople@anationbeguiled.com
Comment by Michael Price on 30 December 2009:
The relevant sections of the Glass-Steagall Act enforced a business model that was LESS safe and which figures was shown to be less safe with figures before it’s inception. How many times must an idea fail before Statists abandon it.