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Kasz216 on 24 May 2012
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bannedagain said:
Kasz216 said:

Outside which.

Lets say a corporation can't be held accountable by it's customers because all they want is the cheapest/best product.

How exactly does government solve that problem? Those customers are the EXACT same people voting politicians into office.

So the people would be against said regulations to hold them in check right?

So then, due to this oversite we have, those polticians get remvoed?

Not so much worried about corporations as much as banks using everyone's money, taking risky  bets and betting more money then they even have. So when they take these risky bets and win it big, they keep the money and all good but when they lose and lose big they did. They drive down the whole ecconomy and us tax payers need to bail them out. It's called removal of glass steagal. It worked for over 50 years to stop great depressions and massive collapse. Look chase just proved it. If nothing is down we will collapse again. Regulation is a way for them to not gamble all our money away on bad wall st investments.

I don't quite see the connnection with the topic at hand....

I'd suggest reading about the great depression... the great depression wasn't caused by speculation by banks. 

Additionally, Europe has never had a Glass-Steagal act... in fact Clinton repealed Glass Steagal to better compete with Europeon banks as international investment rose

Worth noting of course.  Europe has also gone 50 years without a "Great Depression."

So to claim Glass Steagal is what stopped it is a lot like saying that a specific rock repels tiger attacks.

Sure banks should of been allowed to fail most recently, but it's not worth rewriting history for... and the last financial crisis would of happened with glass stegal in place.

All the first banks that collapsed had no connnection to commercial banks.

Worth noting from a more liberal economist. (who wants glass Steagal back but realizes it had no ability to stop what happened, even under liberal definitions of the crisis.)

http://dealbook.nytimes.com/2012/05/21/reinstating-an-old-rule-is-not-a-cure-for-crisis/