This should’ve been done a long, long time ago. And now that we have a real man at the helm, it just might happen!
Glass-Steagall was first signed into law in 1933, in the depths of the Great Depression. The idea was that banks were in a weakened state, and that they shouldn’t be gambling with depositors’ funds in the stock market. What it essentially did, was prohit commercial banks from engaging in “investment” business… by separating the two: commercial and investment banking!
In 1999, President Clinton (with the help of scumbag RepubliCucks in Congress) started by repealing part of the Glass-Steagall Act which prevented banking, insurance, and security companies from taking on a combined roll as an investment bank, a commercial bank, and an insurance company (much of what we see today). Dodd-Frank did not address this, neither did the Volcker “Rule.”
Added into the mix we now have an economy that has to contend with Obamacare, a MASSIVE welfare state, over regulation of business (not banks), over taxation, a flood of millions of needy third world invaders, offshoring and garbage imports from overseas… which has resulted in much of our pathetic economic growth over the past eight years. GDP that sits at about 2% at best… and that’s a rigged 2 percent BTW.
So what does the reintroduction of Glass Steagall mean for us?
-The Big Banks will be broken up.
-“Too BIG to fail”will not exist.
-Banks will be limited to individual states.
-Bank Assets withstood the financial meltdowns in 1987 and 1997 because they weren’t in the damn stock market.
-The mortgage industry would be a hell of a lot more stable.
-Deposit insurance, will actually be INSURED, and not gambled away.
-Savers will no longer be punished and forced to “invest” in a rigged casino (the stock “market”) to see the “possibility” of any return on their money.
-the repeal of Glass Steagall only benefited the top 10% of income “earners.” A reintroduction will benefit everyone!
-The money changers will be made accountable and might actually have to WORK for a living.
-Only the bankers fear Glass Steagall, which is reason enough to pass it!
Think about it…it wasn’t so long ago that banks only loaned out what they had on deposit, and they only loaned to those who could actually pay it back.
Banks charged a reasonable interest rate to borrowers which covered overhead, plus a profit.
The banks, in turn, paid good interest rates on savings accounts, incentivized people to become responsible and actually save their fucking money for once, savings that could then be loaned out to responsible people, and repaid to the banks and the depositors.
Under these conditions, disciplined people, frugal people prosper.
This only changed when our federal government decided that this wasn’t fair to the retards and so-called “minorities” who didn’t make responsible financial decisions.
Glass Steagall was racist!
And it created income inequality!
And it didn’t reward the lazy fat fucks and irresponsible little piggies out there!
And here we are today.
But now we have Trump in our corner.
What will it be America?