Darth Revan of the Sith Posted September 8, 2012 Report Share Posted September 8, 2012 http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act http://www.investopedia.com/articles/03/071603.asp#axzz25uNUlxVl In the wake of the 1929 Stock Market Crash, two senators proposed a bill to regulate the banking industry by restricting it from mixing with Wall Street so as to avoid risky investments of peoples money that contributed to people's bankruptcies in the first place. For over 60 years the Glass-Steagall Act had prevented the bank industry from allowing itself to mix in with the Private corporations. However in 1999 President Bill Clinton repealed the Act under the premise that the Act "is no longer relevant". Some say that because of the Act's repeal, America went through the 2000 economic crisis. The repeal of this bill allowed Stock Investors and Banks to gamble away peoples money in risky investments. It is because of this repeal that even today that America continuously goes into its economic problems because of this unneeded connection between the Banks and Wall Street. Discuss this. Do you believe that the GSA (As I will refer to it from now on) should have been repealed or shouldn't have? If my information was not satisfactory for you then I have provided a Wikipedia link and if you also feel Wikipedia is not a reliable source then I shall provide you with a link from an independent site for Investors. Link to comment Share on other sites More sharing options...
Nathanael D. Striker Posted September 8, 2012 Report Share Posted September 8, 2012 IMO, I don't think the GSA should have been repealed. Perhaps the biggest reason for this is because banks are historically greedy. They invest money in hopes of gaining a profit with money that isn't theirs. The role of the bank is to safeguard the people's money, and carelessly investing in the stock exchange for an unsteady profit just makes me sick. I believe that we wouldn't have to bail-out the banks if the GSA was still around today because there wouldn't have been much damage fron the crash in the first lace. Link to comment Share on other sites More sharing options...
Darth Revan of the Sith Posted September 8, 2012 Report Share Posted September 8, 2012 [quote name='Archbaron Striker' timestamp='1347134186' post='6021633'] IMO, I don't think the GSA should have been repealed. Perhaps the biggest reason for this is because banks are historically greedy. They invest money in hopes of gaining a profit with money that isn't theirs. The role of the bank is to safeguard the people's money, and carelessly investing in the stock exchange for an unsteady profit just makes me sick. I believe that we wouldn't have to bail-out the banks if the GSA was still around today because there wouldn't have been much damage from the crash in the first place. [/quote] I agree. And we all know what happened the last time we let Banks do whatever they want... I.E. [IMG]http://i.imgur.com/Q9VXg.jpg[/IMG] [IMG]http://i.imgur.com/KNEhu.jpg[/IMG] Also I may have edited you quote to make it seem more grammatically correct. Hope you don't mind. Link to comment Share on other sites More sharing options...
Nathanael D. Striker Posted September 8, 2012 Report Share Posted September 8, 2012 No problem, it's hard to go back and edit on a phone. And I doubt the banks, or even politicians, learned their lesson. Failure to understand history's lessons dooms us to relearn them. Link to comment Share on other sites More sharing options...
Tentacruel Posted September 8, 2012 Report Share Posted September 8, 2012 Politicians can become quite overconfident. I can't say for sure, as I'm not very well-versed in economics, but it sounds like that repealing the act was a bad idea. Link to comment Share on other sites More sharing options...
Darth Revan of the Sith Posted September 8, 2012 Report Share Posted September 8, 2012 [quote name='Comrade TentaSparkle' timestamp='1347136111' post='6021659'] Politicians can become quite overconfident. [/quote] Or incredibly greedy. Link to comment Share on other sites More sharing options...
Mehmani Posted September 9, 2012 Report Share Posted September 9, 2012 Here we have more evidence Clinton was a fool and liar - his economic policy was the same as Reagan and Thatcher's. NAFTA too, guys. Link to comment Share on other sites More sharing options...
Nathanael D. Striker Posted September 9, 2012 Report Share Posted September 9, 2012 I wouldn't call Clinton a fool or a liar. He had to work with the Republicans to get America a surplus. I just think repealing the GSA was a miscall on his part. Link to comment Share on other sites More sharing options...
Mehmani Posted September 9, 2012 Report Share Posted September 9, 2012 Ah, but his economic policy was consistently fraught with problems. Lots of deregulation, NAFTA and Glass-Steagall. He was a free-marketeer, and for that, I cannot forgive him. He also created Don't Ask Don't Tell, which forces gays to live a lie. That's a bad compromise. Sure, Gingrich was tying him down, but he still complied with a lot of Republican policies. Link to comment Share on other sites More sharing options...
Darth Revan of the Sith Posted September 9, 2012 Report Share Posted September 9, 2012 [quote name='Mihails Tāls' timestamp='1347227406' post='6022284'] He also created Don't Ask Don't Tell, which forces gays to live a lie. [/quote] But it opened the door for Gays to participate in the military. Big legislation like that even in '99 was considered too early but Clinton didn't care. Link to comment Share on other sites More sharing options...
Mehmani Posted September 9, 2012 Report Share Posted September 9, 2012 He should have had the guts to take the issue by the horns! Instead, he made a poor compromise that was ethically ghastly. How do you justify Don't Ask Don't Tell? By its mere existence? Link to comment Share on other sites More sharing options...
Darth Revan of the Sith Posted September 9, 2012 Report Share Posted September 9, 2012 [quote name='Mihails Tāls' timestamp='1347227605' post='6022287'] He should have had the guts to take the issue by the horns! Instead, he made a poor compromise that was ethically ghastly. How do you justify Don't Ask Don't Tell? By its mere existence? [/quote] Only by its existence and nothing more. I hope it gets repealed and if it already has then good. However Clinton almost had no choice but to compromise with the Republicans especially after dodging the Impeachment bullet. Link to comment Share on other sites More sharing options...
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