Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
In reply to the discussion: I will donate $1000 to the DNC now if someone explains how G-S caused Lehman to fail. [View all]Octafish
(55,745 posts)9. Are you Charles Keating?
"Get Black....Kill him dead." -- Charles Keating.
Keating was sore because Bill Black busted his corruptions on Capitol Hill.
BTW: You watched the wrong video. Watch this one and you'll hear William K Black explain how Glass-Steagal worked:
WILLIAM K. BLACK: There were two really big things, under the Clinton administration. One, they got rid of the law that came out of the real-world disasters of the Great Depression. We learned a lot of things in the Great Depression. And one is we had to separate what's called commercial banking from investment banking. That's the Glass-Steagall law. But we thought we were much smarter, supposedly. So we got rid of that law, and that was bipartisan. And the other thing is we passed a law, because there was a very good regulator, Brooksley Born, that everybody should know about and probably doesn't. She tried to do the right thing to regulate one of these exotic derivatives that you're talking about. We call them C.D.F.S. And Summers, Rubin, and Phil Gramm came together to say not only will we block this particular regulation. We will pass a law that says you can't regulate. And it's this type of derivative that is most involved in the AIG scandal. AIG all by itself, cost the same as the entire Savings and Loan debacle.
Almost forgot: Please remember to post a copy of your canceled check, banned from Kos. No offense, but I don't think I'll take your word for it.
Edit history
Please sign in to view edit histories.
Recommendations
0 members have recommended this reply (displayed in chronological order):
66 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
I will donate $1000 to the DNC now if someone explains how G-S caused Lehman to fail. [View all]
banned from Kos
Apr 2012
OP
No, your premise is wrong. The economy was never "shielded from I-bank risks"
banned from Kos
Apr 2012
#11
If I answer... can you send it to Elizabeth Warren's campaign instead? nt
MannyGoldstein
Apr 2012
#12
That is absolute garbage! LEH and BSC failed because of FORECLOSURES & BAD LOANS!
banned from Kos
Apr 2012
#18
Their balance sheet was corrupted because of debtors who did not make payments!
banned from Kos
Apr 2012
#22
Absolutely! And mortgage originators steered naive people into subprime
banned from Kos
Apr 2012
#29
Too bad Bush took the FBI off the case when they let him know in 2005 that there was a huge problem
sabrina 1
Apr 2012
#27
My POINT is that Glass-Steagall had nothing to do with the mortgage crisis
banned from Kos
Apr 2012
#47
Ok, slowly for you. Glass-Steagall did not regulate mortgages nor did it have anything to
banned from Kos
Apr 2012
#56
You're talking securitization. I am addressing the ROOT cause - origination and valuation
banned from Kos
Apr 2012
#34
But no one here is talking Glass-Steagall because my wager required that
banned from Kos
Apr 2012
#51
Its chicken and/or egg. They both fed the mill. But once again Glass-Steagall did NOTHING
banned from Kos
Apr 2012
#58