THIS is who they want to put in the Whitehouse? Really?!?

[dana_b]

120. "I like here approach and pragmatism, not just wild promises pandering to gullible people."

okay - I understand the pragmatic part, but don't you think that she's being just a BIT deceptive here regarding this whole thing? And some of her GULLIBLE supporters will eat up whatever she says! That's how I see it. Not trying to fight with you - there's too much of that here already. Btw - I do respect that you even spoke up on a thread like this.

Also, one more thing, Glass Steagall was much more restrictive than Dodd-Frank because it didn't leave in the loopholes that make it so difficult to enforce.

With Glass Steagall:"in 1933, commercial banks and their holding companies were forbidden to perform any activities defined as investment banking.

Conversely, investment banks were prohibited from accepting deposits or making loans like commercial banks.

Dodd Frank: Paul Volcker proposed that banks should be prohibited from taking excessive risks with their own money. His justification was that governments were likely to always bail out large, politically connected banks and that eventually good taxpayer money would be thrown after bad private money.

Even though Volcker publicly stated that these prohibitions would not have stopped the financial crisis in 2008, regulators used their subsequent political momentum to attach his proposal to the Dodd-Frank Act.
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Section 619 restricts proprietary trading in some circumstances and limits the relationship between banks and hedge funds. Types of restricted trades include derivatives, commodity futures and options.
Congress left language in Section 619 vague and has had difficulty enforcing the Volcker Rule.
several exceptions to the rule exist. The most notable exception is the allowance of trading in bank-owned U.S. Treasury bills/bonds or securities issued by Fannie Mae and Freddie Mac. In fact, these made up the majority of all proprietary trading before the Volcker rule was passed.

Read more: What is the difference between the Volcker Rule and the Glass-Steagall Act? | Investopedia http://www.investopedia.com/ask/answers/062215/what-difference-between-volcker-rule-and-glasssteagall-act.asp#ixzz40pbAesBY

So it sounds like Dodd Frank is very difficult to enforce. Elizabeth Warren has gone on record that this act has not done what they hoped that it would do. They (Wall Street/congress) keeps changing it and adding things like putting US back on the hook for THEIR f-ups.