{"id":29897,"date":"2012-08-18T10:57:52","date_gmt":"2012-08-18T16:57:52","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/2012\/08\/18\/reinstate-glass-steagall.html"},"modified":"2012-08-18T10:57:52","modified_gmt":"2012-08-18T16:57:52","slug":"reinstate-glass-steagall","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2012\/08\/18\/reinstate-glass-steagall.html","title":{"rendered":"Reinstate Glass-Steagall"},"content":{"rendered":"

Okay, ignore the rhetoric on the page. \u00a0Jefferson was kind of a jerk when it came to such things, and the commentary is 95% content-free.<\/p>\n

In the wake of the 1929 stock market crash, which led to widespread bank failure, the Glass-Steagall Act was passed to separate banking activities between commercial (you go in and deposit money; you borrow money for your home or business) and investment (you and other speculate on the stock market, the bond market, etc.). \u00a0The idea was that one of the reasons for the dramatic effects of the crash, leading to the Great Depression, was that banks had invested too much depositor money in the market. \u00a0When it crashed, they crashed, taking savings along with them.<\/p>\n

Fast forward to 1999, and the free-wheeling "anything goes, business is all" attitude leads to deregulation of banks, including Glass-Steagall.<\/p>\n

And, hey-presto, less than a decade later, we have a housing bubble, we have stock markets tumbling, we need massive investments of government money into the banking industry to keep it from collapsing … and we have a full-press defense of "self-regulation" of the banking industry by the GOP.<\/p>\n

Why should a bank be taking my savings account and using it to invest in the stock market, or bundled mortgage packages, or other speculative investments? \u00a0And who is taking the risk there, vs. taking the benefit?<\/p>\n

Reinstate Glass-Steagall.<\/p>\n

\n

Embedded Link<\/strong><\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\tReinstate the Glass-Steagall Act<\/a>
\n\t\t\t\t\t\t\t\t\t\t\t\tI just signed a petition to The United States House of Representatives, The United States Senate, and President Barack Obama: Thomas Jefferson got it right when in 1802 he wrote "I believe that bankin…\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Google+:<\/strong> View post on Google+<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Okay, ignore the rhetoric on the page. \u00a0Jefferson was kind of a jerk when it came to such things, and the commentary is 95% content-free. In the wake of the 1929 stock market crash, which led to widespread bank failure, the Glass-Steagall Act was passed to separate banking activities between commercial (you go in and … Continue reading “Reinstate Glass-Steagall”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[106],"tags":[],"class_list":["post-29897","post","type-post","status-publish","format-standard","hentry","category-plusposts"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":38233,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/07\/11\/restoring-sanity-to-the-banking-industry-inconceivable.html","url_meta":{"origin":29897,"position":0},"title":"Restoring sanity to the banking industry? Inconceivable!","author":"***Dave","date":"Thu 11-Jul-13 2:01pm","format":false,"excerpt":"On the one hand you have traditional banking services. \u00a0That includes your checking account, your savings account, your business account, \u00a0etc.On the other hand, you have your speculative banking services. \u00a0That includes investment banking.The Glass-Steagall Act of 1933 required banks to keep those separate -- indeed, to keep them as\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23554,"url":"https:\/\/hill-kleerup.org\/blog\/2011\/11\/08\/in-the-category-of-very-rare-cases-in-which-i-agree-with-newt.html","url_meta":{"origin":29897,"position":1},"title":"In the category of "Very Rare Cases In Which I Agree With Newt"","author":"***Dave","date":"Tue 8-Nov-11 5:29pm","format":false,"excerpt":"To hear Gingrich actually suggest that the repeal of Glass-Steagall was \"probably a mistake\" is ... remarkable. Especially given how hard he pressed for it during his abortive role as House Speaker.That someone ever thought it was a good idea to allow the same financial institutions that hold your savings\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38440,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/08\/10\/if-banks-are-too-big-to-fail.html","url_meta":{"origin":29897,"position":2},"title":"If banks are too big to fail","author":"***Dave","date":"Sat 10-Aug-13 10:37am","format":false,"excerpt":"The problem is that banks as presently constituted serve two distinct, and conflicting purposes:1. They serve as safe storage and utilization for liquid assets -- checking and savings deposits (personal and business), which are traditionally leveraged for relatively low-risk loan activity for homes, cars, business expansion, etc. \u00a0That's called retail\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23216,"url":"https:\/\/hill-kleerup.org\/blog\/2011\/10\/27\/unblogged-bits-thu-27-oct-11-1730.html","url_meta":{"origin":29897,"position":3},"title":"Unblogged Bits (Thu. 27-Oct-11 1730)","author":"***Dave","date":"Thu 27-Oct-11 5:30pm","format":false,"excerpt":"Links (most recent first) that caught my eye, but did not warrant full-blown blog entries .... HP decides to keep PC division after all - Nice way to destroy brand equity and customer relationships, HP. Random Answers - Well, that's easy, it ... uh ... wait ... REPORT: House GOP's\u2026","rel":"","context":"In "Potpourri"","block_context":{"text":"Potpourri","link":"https:\/\/hill-kleerup.org\/blog\/category\/potpourri"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33433,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/04\/30\/plane-crash-on-video.html","url_meta":{"origin":29897,"position":4},"title":"Plane crash, on video","author":"***Dave","date":"Tue 30-Apr-13 7:20pm","format":false,"excerpt":"This is both horrifying and fascinating to see, as a Real Thing That Isn't a CG or Miniature Model, or just the aftermath of a crash scattered across the countryside, but an actual plane crash caught on a dashboard cam. \u00a0This was an American civilian 747 cargo plane that crashed\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30414,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/01\/the-politics-of-obamacare.html","url_meta":{"origin":29897,"position":5},"title":"The politics of Obamacare","author":"***Dave","date":"Mon 1-Oct-12 6:07am","format":false,"excerpt":"Had the ACA been introduced under the George W. Bush administration, it would have been condemned by Dems as half-assed, inadequate, not-universal, too supportive of private insurance and the whole employer-provided insurance model, and more a chance for big companies to profit than for Americans to get health care. \u00a0It\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/29897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=29897"}],"version-history":[{"count":0,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/29897\/revisions"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=29897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=29897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=29897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}