Repealing the Glass-Steagall Act will save consumers $18 billion a year!

[Rock Sexton]

And here’s what Sen. Charles Schumer (D-NY), awash in Financial industry campaign donations but currently in high dudgeon over the Wall Street’s bonus payments to executives, speaking about the ’99 measure eliminating Glass-Steagall:

''If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world. 'There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive.”

The article quotes the Clinton administration and Summers’ Treasury Department as predicting that revoking Glass-Steagall and permitting banks to expand into investment banking and insurance would save consumers “$18 billion a year” through economies of scale—a figure that seems rather quaint as taxpayers now pony up trillions of dollars to rescue those same institutions. (The article notes that critics of deregulation argued that even those paltry savings, probably overstated, would flow to financial sector investors, not to consumers.)

http://www.opednews.com/articles/History-Lesson-And-These-by-Dave-Lindorff-090327-180.html

Insane isn't it? That people bought this crap then and will continue to follow these turds?

[danberkeley]

And they expanded then crumbled. Let them go bankrupt. We dont need laws that prevent incompetents from making stupid decisions that blow up in their face.

[Brian4Liberty]

There is a special place in Guantanamo for Chucky Schumer and Phil Graham...:eek:

[ILUVRP]

There is a special place in Guantanamo for Chucky Schumer and Phil Graham...:eek:

Agree 100%.

Repelling GLASS-STEAGALL caused 90% of this mess.

The bailouts are making it worst.

Make room for the FED chiefs.

[moostraks]

"Larry Summers, Obama's Designated Thinker in a Troubled Economy
Fixing the economy will be a tough job for the man the president calls 'Professor Summers'"

http://www.usnews.com/articles/news/obama/2009/03/24/larry-summers-obamas-designated-thinker-in-a-troubled-economy.html

Albert Einstein once said “The definition of insanity is doing the same thing over and over again and expecting different results"

[HOLLYWOOD]

Chuck Schumer and Chris Dodd should of been in Prison a decade ago, along with dozens of other banking puppets from WASHINGTON.

Isn't it amazing that the Obama Communists force Wagoner out of GM, but all these Banksters that caused this MESS, along with their partners in crime(government), are going to receive TRILLIONS more in aid. Just watch, it's coming.

It appears the people in the UK realize who's the problem in this crisis, but here in the US, the department of Propaganda and the ORACLE have the game plan scripted well and the American Sheeple trust the Obama and the Puppets.

Let's see what the "Teleprompter King" has to blab about GM... but think about it, what right is it for the US Federal Government to force a private industry CEO out? SO, how come the Bank & Insurance scamming CEOs haven't been force out? Yeap, we know who truly rules this country.

So, who's going to GARNISH Chuck Schumer and Chris Dodd's wages to pay for THEIR MESS?

[PatriotG]

Schumer should have several hundred shoes thrown at him....for starters.

[Rock Sexton]

Chuck Schumer and Chris Dodd should of been in Prison a decade ago, along with dozens of other banking puppets from WASHINGTON.

Isn't it amazing that the Obama Communists force Wagoner out of GM, but all these Banksters that caused this MESS, along with their partners in crime(government), are going to receive TRILLIONS more in aid. Just watch, it's coming.

It appears the people in the UK realize who's the problem in this crisis, but here in the US, the department of Propaganda and the ORACLE have the game plan scripted well and the American Sheeple trust the Obama and the Puppets.

Let's see what the "Teleprompter King" has to blab about GM... but think about it, what right is it for the US Federal Government to force a private industry CEO out? SO, how come the Bank & Insurance scamming CEOs haven't been force out? Yeap, we know who truly rules this country.

So, who's going to GARNISH Chuck Schumer and Chris Dodd's wages to pay for THEIR MESS?

You know what Darth Obama and his elite banker handlers are doing to the gentleman in the car industries? They're not here to help them. Why should they? The car industry was the last remnant of what used to be the true American work force. Even though over the years they've produced nothing but crap. It's a battle of bankers who produce nothing vs. people who actually produce something. Unfortunately the car people have no chance in this fight. Obama would prefer that all those people in that industry worked some government issued job.......or make them all Storm Troopers.

[danberkeley]

... The car industry was the last remnant of what used to be the true American work force. ..

With the unions and all? :D

[Rock Sexton]

With the unions and all? :D

The unions were the death grip that helped to take it down. All I am saying is you cannot deny that the car industry was the symbol of our production base. It's being squeezed out of the game. Obama does not want jobs like that available to the people because they represent the true economy, not this lie of a wall st. one.

[danberkeley]

The unions were the death grip that helped to take it down. All I am saying is you cannot deny that the car industry was the symbol of our production base. It's being squeezed out of the game. Obama does not want jobs like that available to the people because they represent the true economy, not this lie of a wall st. one.

The car industry began it's decline with the rise of the auto unions. What do you mean by "true economy"?

[Rock Sexton]

The car industry began it's decline with the rise of the auto unions. What do you mean by "true economy"?

A real economy is based on real production and trade....... not deficit and consumer spending.

[danberkeley]

A real economy is based on real production and trade....... not deficit and consumer spending.

The automakers wernt profitable making cars. They made profit only on the financing arm of the company.

[Rock Sexton]

The automakers wernt profitable making cars. They made profit only on the financing arm of the company.

I know. Automakers were not immune to the same disease that has destroyed this country in the first place - dependency on credit and financing.

[Bradley in DC]

The Glass-Steagall Act was an affront to liberty.

Dr. Paul offered an amendment in the nature of a substitute to what became the Gramm-Leach-Bliley Act that ONLY repealed G-S.

The problem is too much government regulation, restrictions, taxpayer subsidies and other governmental policies misallocating credit.