Glass-Steagall had NOTHING to do with the 2007-08 financial meltdown

[sabrina 1]

11. I could tell you have not 'probed that territory' before for some reason.

Here's a little history of deregulation and how it led to virtually opening the vaults to greedy Wall Street Gamblers and ended up crashing the World's economy:

How Deregulation Eviscerated The Banking Sector Safety Net and Spawned the U.S. Financial Crisis

The ultimate prize was to be the undoing of the Glass-Steagall Act of 1933. Glass-Steagall, officially known as the Banking Act of 1933, mandated the separation of banks according to the types of business they conducted. Investment banks, whose securities related activities resulted in relatively large risks, were to be separate from commercial banks, whose depositors needed greater protection. The Act created deposit insurance and the government wasn't about to allow taxpayer-backed insurance of commercial bank deposits to be exposed to securities related risks. It was a prudent and sensible separation. Bankers tried for years to undermine and overturn Glass-Steagall, but it took time.

Why do you think they worked so hard to undo all the regulations that would have prevented the meltdown, and even now, still oppose any new regulations?

Maybe they just think of deregulation as a symbolic gesture, or something? Not ibeneficial to them in any way, they just like the idea of the appearance of 'freedom, and liberty'? They are grown ups, they would never, ever take advantage of it.






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