"Senators Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are among a group of bi-partisan senators writing "the 21st Century Glass-Steagall Act," a reference to the 1933 law that separated commercial and investment banking activities before being repealed in 1999."
"The four largest banks are now 30% larger than they were just five years ago, and they continue to engage in dangerous high-risk practices," Ms. Warren, a critic of banks, said."
"She said lawmakers need to "keep the gamblers out of our banks" by separating traditional bank activities like home loans and checking accounts from riskier activities such as trading derivatives and investment banking."
- Wall Street Journal
July 12, 2013
1 comment:
Glad to see McCain and Liz Warren join in a bi partisan effort to stop big banks from ripping off the American public even more than they already have. Nobody likes the boatload of regulations we are facing but it is necessitated by the antics of the self motivated rich scumbags who can never seem to steal enough moolah for themselves. The consequences of their piggishness has almost destroyed the economy which, even now, remains perilously fragile. Yet these bums will (after we bailed their arses out) have even more plans for ripping people off. Eliminate the statute of limitations for actions that cause such economic distress that eventually it must be subsidized by the taxpayers. Why is there such a statute anyway? You get rewarded for hiding your criminal acts until the statute kicks in! Take every asset they have and put them on the street like they have put many others as an example of what happens when you connive to enrich yourself by ripping off people who trust you. Tell your reps in the Senate and House to no longer bail them out without people going to jail for a very long time. If derivitave authority would require you to deal, even remotely, with such scumbags it can never be worth it.
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