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Glass-Steagall May Be Re-Implemented

Thursday, July 11, 2013 - 1:18 PM
When one of the most conservative Senators (John McCain), and one of the more liberal Senators (Elizabeth Warren), co-sponsor a bill, I tend to think it has a good chance of passing.

Here's the article
8
Knudsen7Knudsen727 posts since
Apr 27, 2013
Rep Points: 117
1. Friday, July 12, 2013 - 7:39 AM
I'd be surprised if this gains any traction given the atmospheric rise in the stock market since the depths of the Great Recession. Too many of the very wealthy sitting in Congress are quite happy with the status-quo regarding financial regulatory measures implemented in Dodd-Frank and don't wish to go back to Glass-Steagall.  Besides, Wall Street lobbyists will be dangling very nice campaign donation checks in front of the faces of these legislators in order to block any further action.
6
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,210
2. Friday, July 12, 2013 - 8:10 AM
With McCain and Warren, King and other big names maybe it will get traction.  The  law states that the banks can still do this but not with deposters money in checking, savings and CD's. Let hope this gets further and passes. 
2
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
3. Saturday, July 13, 2013 - 2:13 PM
It is a good approach; but highly political.  Like SB, I am not hopeful that it will get passed.
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
4. Saturday, July 13, 2013 - 4:49 PM
Shocking news: JPMorgan Chase is not exactly jazzed about some recent plans to regulate banks, including Elizabeth Warren and John McCain's bill to reinstate the Glass-Steagall law splitting investment and commercial banks.

Even more shocking: JPMorgan seems to think it will probably be able to water down or avoid these plans.

JPMorgan Chase Fires Back At Warren-McCain Plan To Reinstate Glass-Steagall
3
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,210
5. Tuesday, July 16, 2013 - 7:40 AM
2
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,210
6. Tuesday, July 16, 2013 - 2:01 PM
I remember going to the banks in our town when this was passed. Information booklets about mutual funds, annuites etc had to by law be  at least 10 feet from the nearest teller area. I would take out my measuring tape and move them back to 10 feet explaining to the customers what and why I was doing this even though I did not work there. I would  say  "Evidently your bank doesn't believe in laws. How does that make you feel leaving your money with them."   You would not believe how close some of those informatio racks were. They were placed very close to the teller lines, expecially the first of the month when senior came to cash their SS checks or pension checks or an Friday's when workers came to cash checks. You would go back the next day and they would be moved closer again. If someone said something to me about leaving I would ask if they would rather I take a picture and send it to the authorities. I worked at a bank and our information rack was NEVER closer than 10 feet. But I had a bank manager that had the same protections of his customers in mind. 
1
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
7. Tuesday, July 16, 2013 - 2:57 PM
McCain isn't one of the most conservative senators. He isn't even a conservative.

Look what happened with campaign finance reform.  It came back to bite him when he ran in 08.  There is a reason why the left like him.  Be careful what you wish for.
1
MaeclMaecl81 posts since
Jul 6, 2010
Rep Points: 652
8. Tuesday, July 16, 2013 - 3:12 PM
McCain was one of the 4-5 senators who tried to have the regulators go easy on Keating. He had a conflict of interest. Not only did he and the others have over 1.4 million in contributions from Keating, he had direct involvement with businesses with Keating his savings and loan. I believe his wife did also had business dealings. 
1
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
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