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Reply #8: Yup, nailed it indeed. [View All]

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Spoon Donating Member (401 posts) Send PM | Profile | Ignore Fri Mar-27-09 12:45 AM
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8. Yup, nailed it indeed.
Wellstone as well:

''Scores of banks failed in the Great Depression as a result of unsound banking practices, and their failure only deepened the crisis,'' Mr. Wellstone said. ''Glass-Steagall was intended to protect our financial system by insulating commercial banking from other forms of risk. It was one of several stabilizers designed to keep a similar tragedy from recurring. Now Congress is about to repeal that economic stabilizer without putting any comparable safeguard in its place.''


Kerrey and Schumer, not so much:

''The concerns that we will have a meltdown like 1929 are dramatically overblown,'' said Senator Bob Kerrey, Democrat of Nebraska.

''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,'' said Senator Charles E. Schumer, Democrat of New York.



Shanghai may become the financial capital of the world BECAUSE of the repeal...



A great history of the runup to the repeal of Glass-Steagall from PBS Frontline:

http://www.pbs.org/wgbh/pages/frontline/shows/wallstree...

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