Ex-Marine Re-Occupies His Own Foreclosed Home in Fight Against Freddie Mac, JPMorgan Chase

[midnight]

1. Another example of why Glass–Steagall Act needs to be put back in place....

The repeal of provisions of the Glass–Steagall Act by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to use their depositors' money that was held in the commercial banks.[4][5][6][7][8]http://en.wikipedia.org/wiki/Glass–Steagall_Act