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2016 Postmortem
In reply to the discussion: PSA: How many people here who love to hate "Wall Street" actually know what it means? [View all]RiverLover
(7,830 posts)20. Elizabeth Warren: "We Need To Go Back To Boring Banking"
Q: You think had it [the Volcker rule] been in place, we wouldnt be talking about this?
WARREN: Well, Im going to put it this way. The Volcker Rule would help. We dont know exactly the nature of these trades. But if the question is is the Volcker rule enough, or do we need more, look, Im somebody who believes we really should have boring banking. That banking should be the part thats about savings accounts and checking accounts and our money system should be separated from the kind of risk-taking that Wall Street traders want to take.
That was originally what the Glass-Steagall Act was about, it was repealed in 1999.
There was an effort to get it into Dodd-Frank in the 2010 bill. That effort failed.
I think we really do need that kind of separation. We need to go back to boring banking. The people who want to take risks need to take risks with their own money and do it somewhere else.
http://thinkprogress.org/economy/2012/05/14/483685/elizabeth-warren-boring-banking/
WARREN: Well, Im going to put it this way. The Volcker Rule would help. We dont know exactly the nature of these trades. But if the question is is the Volcker rule enough, or do we need more, look, Im somebody who believes we really should have boring banking. That banking should be the part thats about savings accounts and checking accounts and our money system should be separated from the kind of risk-taking that Wall Street traders want to take.
That was originally what the Glass-Steagall Act was about, it was repealed in 1999.
There was an effort to get it into Dodd-Frank in the 2010 bill. That effort failed.
I think we really do need that kind of separation. We need to go back to boring banking. The people who want to take risks need to take risks with their own money and do it somewhere else.
http://thinkprogress.org/economy/2012/05/14/483685/elizabeth-warren-boring-banking/
Watch here~
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PSA: How many people here who love to hate "Wall Street" actually know what it means? [View all]
hill2016
Nov 2015
OP
Yeah,it's a street in Manhattan that symbolizes wealth and greed. It's just a street.
virgogal
Nov 2015
#1
The best answer is here. It's not a simple "fraud" model. It's how the capitalistic world works
Sancho
Nov 2015
#19
Sanders voted for Commodities Futures Modernization Act of 2000, it aided in the finanical crisis.
Thinkingabout
Nov 2015
#60
Yes, please lecture us about how we don't know what we're talking about - that will win us over.
reformist2
Nov 2015
#15
Banks use our deposits to gamble with & we bail them out if they lose at the table.
RiverLover
Nov 2015
#16
Michael Lewis has written many good books on it. I suggest the OP read some of them.
Electric Monk
Nov 2015
#52
Are you supporting Clinton? Are you sure? have you checked? Check again. Are you still sure?
Scootaloo
Nov 2015
#55