Reply #6: Because I'm not sure a company like Goldman Sachs would be considered a Commercial Bank......

[FrenchieCat]

And I think that Glass Steagall was enacted in direct relation to regulating the commercial banking industry (who were the culprit at the time) not so much the investment Banking industry. It was meant to keep the two separate, but nowdays, the problem of derivatives, Hedge Funds, and AIG wouldn't be addressed by simply re-enacting Glass Steagall.

So the problem maybe that in these modern times, the Glass Steagall act is to the banking industry what the Fairness Doctrine is to the Broacast industry; which if re-enacted would only affect the television networks, but not the cable industry....which of course means that the Fairness Doctrine wouldn't quite do the trick as it once did, based on what the current problems are.

Modern times most likely need modern solutions/regulations, as nothing is the same as it once was.

Of course, I may be off base on this, as I don't claim to be an expert, but unless someone actually has thoroughly read and totally understands the Wall Street regulations currently moving through congress, it's hard to say that they themselves know what they are talking about.

Glass Steagall - http://www.investopedia.com/articles/03/071603.asp?viewed=1

Obama takes on America's banks with new Glass-Steagall act
President Obama targets Wall Street with reforms that echo classic Depression-era legislation that prevented commercial banks from making risky trades
http://www.guardian.co.uk/business/2010/jan/21/obama-bank-reform-glass-steagall


Rather than folks making endless posts denouncing this administration, and Obama in particular as being part of conspiracies based on campaign donations and blah-blah-blah, I suggest that they actually try and discuss the issue in something other than a childish acussatory manner. This thread up to this point provides no hint at solving anything; doesn't inform on the points of facts, and really does a disservice in posters attempts to indict this President for wrongdoing, when I don't believe any of this shit was truly his fault to begin with. Those who try so hard to paint Obama as a dishonest pol willing to do anything to save his monied friends is the teabagging theory. Certainly if they would replace Obama's name with Bush or Clinton, they may have a point, as both had a direct hand in getting us to where we are......but to blame or suspect this President of what has gone on in the past decade, since Glass Steagall was repealed is pretty ridiculous....but I guess, expected.