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sendero

(28,552 posts)

28. Sheer sophistry..

Tue Aug 11, 2015, 06:26 PM

Aug 2015

... and bullshit of the highest order.

At the very least, with glass-stegall we could have let the phony-money banks FAIL and kept the real actual depository banks alive.

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The Glass-Steagall Partial-Repeal Did Not Cause the Financial Crisis [View all] ericson00 Aug 2015 OP

Even though you are 100% right, shenmue Aug 2015 #1

I await the flames. Someone needs to take the fight to them ericson00 Aug 2015 #3

No kidding. Octafish Aug 2015 #17

They have to post lies like the OP does every few weeks or so. Rex Aug 2015 #67

Pffft.... haikugal Aug 2015 #2

you're posting a point, I'm posting a counterpoint ericson00 Aug 2015 #5

Spin...more spin...I just wanted to help so everyone saw both sides. haikugal Aug 2015 #10

Glass-Stegall was established for a good reason....even if you don't see it that way Stargazer99 Aug 2015 #4

it was not fully repealed, and just because it was "established for good reason" ericson00 Aug 2015 #8

So you are happy that we don't have it artislife Aug 2015 #66

that is a ridiculous argument dsc Aug 2015 #76

Nice deflection! nt artislife Aug 2015 #79

Bankers wrote glass-steagall act BlueStateLib Aug 2015 #29

LOL. Not this again. PSPS Aug 2015 #6

Are you joking? Mortgage derivatives have been around since 1981 ericson00 Aug 2015 #11

Yes Mortgages have been underliners for that long. Springslips Aug 2015 #37

Sorry. Glass Steagall and the Commodities Futures Modernization Act were huge factors. merrily Aug 2015 #7

They always fail to mention CFMA Mnpaul Aug 2015 #38

It's also what made dealing in mortgage derivatives possible. merrily Aug 2015 #59

....! KoKo Aug 2015 #71

It's a myth according to whom? The banks? louis-t Aug 2015 #9

could also blame the banks who didn't run credit checks, or income checks ericson00 Aug 2015 #13

Riiiight, the banks didn't run credit checks... louis-t Aug 2015 #16

You demonstrated what i mean ericson00 Aug 2015 #20

Nothing to do with Glass Steagall? kcr Aug 2015 #32

You are WRONG about 'no credit checks'. louis-t Aug 2015 #73

Good points merrily Aug 2015 #21

Trust financial experts on the economy? Even Greenspan finally said that's a huge mistake merrily Aug 2015 #22

when did Greenspan attack the partial repeal of Glass Steagal? ericson00 Aug 2015 #34

After 2008, that POS suddenly realized that financial markets are not all knowing merrily Aug 2015 #60

Wasn't it those trustworthy bankers who offered those risky loans to people who could not afford jwirr Aug 2015 #26

He quotes Elizabeth Warren in that article that keeping Glass-Steagall would not have prevented 2008 Recursion Aug 2015 #41

It was when combined with derivatives, CDOs and insurance and bank loans of commercial banks. mmonk Aug 2015 #12

Great dilm that proved the old adage hifiguy Aug 2015 #24

A lot of us stupidly defended that liar in the 90's just because the republicans hated him so much tularetom Aug 2015 #14

Wish I could PM you a beer for that post, tom. hifiguy Aug 2015 #27

Thanks, I like beer tularetom Aug 2015 #31

Uh you could be channeling me... ibegurpard Aug 2015 #61

Woohoo....so fraking true....thank you!! haikugal Aug 2015 #77

It fed it a handful of steroids Warpy Aug 2015 #15

... magical thyme Aug 2015 #18

That's what Phil Gramm says! Octafish Aug 2015 #19

Elizabeth Warren also says it Recursion Aug 2015 #42

What does she say about Bill and Phil at UBS? Octafish Aug 2015 #49

I don't know, can you find a quote? (nt) Recursion Aug 2015 #50

Right here. Octafish Aug 2015 #52

Huh... I thought you were asking about her position on Gramm's job at UBS Recursion Aug 2015 #54

Bill Clinton has a job at UBS, too. Octafish Aug 2015 #56

I know she's in favor of re-instating it; I was pointing out that she doesn't think it would have Recursion Aug 2015 #57

Never said it caused the crash. It did allow many of us to lose OUR money in risky investments. jwirr Aug 2015 #23

Wait. That's wrong on several points. Recursion Aug 2015 #51

I suppose that was true of the banks that were purely investment banks but I don't think that was jwirr Aug 2015 #70

One of the cuts in "death by a thousand cuts" Armstead Aug 2015 #25

Sheer sophistry.. sendero Aug 2015 #28

TBTF existed long before the partial Glass-Steagall repeal ericson00 Aug 2015 #39

Rewriting history again, are we? Waiting For Everyman Aug 2015 #30

Sure appears that way! avaistheone1 Aug 2015 #55

Oh please. No one ever said it was ONLY Glass-Steagall. DirkGently Aug 2015 #33

How quickly we forget portlander23 Aug 2015 #35

OP, what do you know? Springslips Aug 2015 #36

Wow GummyBearz Aug 2015 #72

Wow! Springslips Aug 2015 #74

And you're wrong MFrohike Aug 2015 #40

You're half right, and where you're right is important Recursion Aug 2015 #43

Yes and no MFrohike Aug 2015 #44

Oh, I see what you're saying: I agree, the commercial banks screwed the IBs over Recursion Aug 2015 #45

No MFrohike Aug 2015 #46

It probably was dumb luck, or lack of aggression Recursion Aug 2015 #47

Probably MFrohike Aug 2015 #48

Good post. ronnie624 Aug 2015 #58

You need to comment on every bank thread that comes up. Springslips Aug 2015 #75

You are absolutely correct, however I personally do not think it should have been repealed still_one Aug 2015 #53

It contributed to the crisis. Betty Karlson Aug 2015 #62

problem is that people here often do say it CAUSED the crisis ericson00 Aug 2015 #65

The root cause of the crisis is the absence of a global surplus recycling mechanism. Betty Karlson Aug 2015 #68

Of course not! It just forced the public to bail out the perps eridani Aug 2015 #63

Would add some, but you got completely owned in your own thread so Rex Aug 2015 #64

+1 /nt RiverLover Aug 2015 #69

Eeyup. hifiguy Aug 2015 #82

Seems your bumper-sticker wisdom is receiving the relevant amount of disdain it earned. LanternWaste Aug 2015 #78

One post demeaning Sanders Trajan Aug 2015 #80

Clinton is the heavy Democratic favorite, I'm a grassroots fan ericson00 Aug 2015 #81