The Glass-Steagall Partial-Repeal Did Not Cause the Financial Crisis

[jwirr]

70. I suppose that was true of the banks that were purely investment banks but I don't think that was

true of all banks and most of us do not use those banks we use the ordinary banks like US Bank. And Citi bank was big enough to effect a lot of people. Yes, FDIC has rules but not regarding risky loans. At the time I remember bearing them say that FDIC was not big enough to pay for the whole mess.

Maybe the government made money but the people did not. How many people lost everything because of the actions of those banks? And in the end got nothing back. My grandson and his wife lost their home and never got anything but bad credit ratings. All of us knew they were unable to make payments - he was unemployed at the time they bought it. But somehow the crooks at the bank did not see that. They were kids. The lenders took them for everything they had. After all this time they are finally getting the mess straightened out. There were no protections in place for the people. just for the banks. Frank-Dodd did not fix that.