Kasz216 said:
Aslo... um no. GBL passed 90-8 in the senate. Your thinking of an earlier bill before reconciliation. Whoops, double posted... but i'll use this to handle the rest. Look at the legislation again. 1) Commercial Banks could already invest in the stock market before this and investment banks could already offer savings plans. Additionally, not it is still illegal to gamble in the stock market with customers money. See why what MF Global did was illegal... but isn't be prosecuted because well... John Corzine is the former democratic govonor of new jersey and big Obama campaign contributor. (Was going to be on is 2nd term presidtial team according to MF Global contracts.
2) The Acronyms should be simple. GLB - Gramm Leach Bliley, and GFC is obviously global finaical crisis... that's a very common one.
3) Not seeing how Warren Buffet privately taking over a valuable bank = government bailout of a bank. Warren buffet snatched up a failing bank that still had more profit then loss.
The same would of happened to any of the big banks the government bailed out.... that didn't fuck up too badly. The rest would of died off, and we'd be better off for it. |
I am speaking on the Senate's version of the GLB. In order to pass the bill with bipartisan support, it needed to be modified in order to produce the final bill that was ultimately passed 90-8. Since Republicans had a majority in the Senate, it passed regardless of Democratic disapproval.
Learn the difference between would've and would have. (There is no "would of") I cannot stand to see such elementary errors on your behalf.
1) Banks were only able to do so in the couple years prior to GLB because it was a process of change. (Other provisions were relaxed from Glass-Steagall)
2) I can name several common acronyms that you would have no idea of their meaning. You define your acronyms prior to using them. This is common logic.
3) Never mentioned anything about Warren Buffet being a government entity. You seem rather confused. I stated that Warren saved a gigantic failing bank, which ultimately improved. The same can be said of the government bailouts.
Why you would want banks to fail is beyond me. More banks = more competition and better rates for the populace.
