Occupy works: Newt, Paul Ryan want regulation now

Aren't Paul and Newt part of the Tea Party?

Good for Ryan and Gingrich. But repealing Glass Stegal was a bi-partisan effort. Let's not forget it occured under the Clinton administration with Bob Rubin cheer leading on behalf of Citibank along with Summers & Geithner's eagerly implementing. I would love to hear Larry Summers and Bob Rubin issue a sincere mea-culpa. If it were not for the repeal of Glass Stegal along with the Commodity Futures modernization act we would not be in the mess we are in.

EVERYONE knows it was bi-partisan.

And Gingrich and Ryan are actual wrong. HBOS, Wachovia, WaMu, the Icelandic and Irish banks and others got into trouble from JUST plain old banking-banking. Lehman, Bear, and Merrill got in trouble from JUST i-banking.

AIG, Fannie, and Freddie would have happened exactly the same with G-S.

The only one that you could even remotely argue is Citi - and even then it was only the i-bank that got in trouble. The bank-bank was fine.

What Ive been whining about for 3 years here. The sooner the better.
Very bipartisan and very doesnt matter today. Just do it.

truthskr10, in what way would Glass-Steagall or a similar law have prevented HBOS, Wachovia, WaMu, any of the Icelandic or Irish Banks, Lehman, Bear, Merrill, IndyMac, Freddie, Fannie, or AIG from not exploding?

The answer: NOTHING. Because they were EITHER pure, old fashioned over-leveraged broker-dealers, traditional banks that made too many bad loans, or an undercapitalized financial services company.

Not ONE of the above would have been illegal under Glass-Steagall. Only Citi would have been. That's it.

Sorry, and RBS in the UK.

Who said anything about preventing what happened. Its impossible to say what would or wouldnt have snowballed into exploding.
But you wouldnt have been able to convince Congress to TARP investment banks so easily and maybe let them burn as they should have.
It led to all those mergers and too big to fail. To leave them as they are fuels the lack of confidence in our banking system.
Break em up. Give them 3 years to do it. See how fast things move everywhere else. Until then I will continue hoarding my cash and stay as conservative as ever, regardless of what happens in Europe or the stock market.

Citibank is a disaster. Saw it a mile away. When it hit $1.10 I bought because I knew it was too big to fail and would get bailed out. Sold at 3 bucks and never looked back. Its worth .10 cents.

Right now most of the banks are in essence one big bank. Too interlinked and codependant. Another disaster waiting to happen within 7 years. Remove them from the investment divisions....now.

Sorry Im just a shmuck layman businessman who see the writing on the wall plain as day. I talk to too many other shmuck businessman. The ones who dont trade paper each day but the ones who make things and hire actual people. There are many streets besides wall street that motor this economy.
I am still in downsizing and protective mode. Because I have NO CONFIDENCE in our banking system. Hellooo