Basic economics! Wall Street needs to be regulated. Do we need to reinstate Glass-Steagall law?

by bob Posted 2012/06/06 13:44:20

Related Topics: Wall Street, Economics, Economic

51 votes
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		we need to reinstate Glass-Steagall law
		we do not need to reinstate Glass-Steagall law
		We need to reinstate Glass-Steagall law and additional laws regulating predatory corporate practices
		We need to enforce the current law and remove the curruption from business
		We don't need any stinking laws regulating Wall Street, we just laws on the citizens
		Undecided (Please leave a comment)
		All of the above
		None of the above (Please leave a comment)

Loading Demographics... Click an icon to see demographic results Display unknown and private
	we need to reinstate Glass-Steagall law	19 votes	37%
	we do not need to reinstate Glass-Steagall law	3 votes	6%
	We need to reinstate Glass-Steagall law and additional laws regulating predatory corporate practices	6 votes	12%
	We need to enforce the current law and remove the curruption from business	4 votes	8%
	We don't need any stinking laws regulating Wall Street, we just laws on the citizens	2 votes	4%
	Undecided	2 votes	4%
	All of the above	1 vote	2%
	None of the above	14 votes	27%

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twocrows 2012/06/06 14:53:53

we need to reinstate Glass-Steagall law

+4
history tells the tale:
Glass Steagall was enacted in 1933 - during the depths of the depression.
we still had a long way to go [and a huge war to finance - do I hear jobs?] before we were able to climb out.
but, once we were out, we had over 5 decades of consistent security and growth.

then Glass Steagall was repealed.
and here we are.

those who ignore history are doomed to repeat it.
from much of what I'm reading below, I think we're doomed.
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More polls by bob

jerry johnson 2012/06/11 16:14:50

We need to reinstate Glass-Steagall law and additional laws regulating predat...

This isn't the '$64,000 question; it's the $2 billion + question! I really hope y'all didn't ask JPMorgan Chase 'honcho'Jamie Dimon this question! He would be so upset if you did.

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S. Gompers 2012/06/09 06:53:38

we need to reinstate Glass-Steagall law

+1
There is no ethics in business, especially Wall Street.

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wale63 2012/06/08 20:24:45 (edited)

we need to reinstate Glass-Steagall law

+1
Wall Street does NOT need to be regulated as the LEFTISTS wish, BUT some basic ground rules DO need to be reinforced and Glass - Steagall is a good one.
Andy

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Margaret Jacobson 2012/06/07 19:18:52

we need to reinstate Glass-Steagall law

+1
It worked before..........It is worth a try ??

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Lawnmowerman~PWCM~JLA 2012/06/07 03:08:18 (edited)

None of the above

+1
Yeah, right. When Wall Street was contributing to Obama's election campaign in '08 not a word was said about regulation. Now that the Romney camp is getting contributions from the same Wall Street crowd because they finally figured out (like Conservatives knew from the start) that Obama hates the Capitalist system, here come the regulation monkeys.
Rich Republicans are 'fatcats'. Rich Democrats are 'wealthy philanthropists'.

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Mike 2012/06/07 00:59:03

we need to reinstate Glass-Steagall law

+1
to trust your fellow man to do the right thing is to put a candy in front of a kid and ask him not to eat it

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Dynasty Fighter 2012/06/07 00:33:42

We need to enforce the current law and remove the curruption from business

it should be reinstated if it will help

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Joyce B... to Dynasty... 2012/06/07 00:43:27

It won't help and it is the current law that causes all the corruption in business.

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dlsofsetx 2012/06/06 23:55:35

We need to enforce the current law and remove the curruption from business

+1
We also need to quit bailing out the companies who get into financial problems through their irresponsibilty.

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Joyce B... to dlsofsetx 2012/06/07 00:44:31

+1
Our current laws encourage them to be irresponsible and corrupt because they know they will be bailed out.

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TerryAgee 2012/06/06 23:31:54

Undecided

My friend Wall Street seems to be for the big tippers. Yay or nay?

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Seriously Folks 2012/06/06 23:12:39

we need to reinstate Glass-Steagall law

+1
Hell YES. If we stay on this Present Course in the Country, Mitt, Republicans and the ROBBER BARONS will only give the rest of US the Crumbs off the Table after their GREEDY FEAST of DISMANTLING the Whole Country in their Favor.

Government is ONLY GOOD IF REPUBLICANS CONTROL IT and take away everyone's Freedoms except for that 1% they are fighting the President on TOOTH AND NAIL.

The Voters need to stand up and stop the NONSENSE NOW. Look at the Total Take Over of Wisconsin by the Greedy Robber Barons, along with the "Activist" Conservative Leaning Supreme Court they have effectively TAKEN DEMOCRACY OUT OF THE HANDS OF THE PEOPLE.

To add INSULT TO INJURY, the Republican Dominated State Houses are adding MORE DRACONIA LAWS on TOP OF LAWS to SUPPRESS YOUR VOTE, DESTROY EQUAL PAY FOR WOMEN and HEALTH CARE.

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Jean 2012/06/06 20:54:27

we need to reinstate Glass-Steagall law

+1
Although bob's understanding of the Act is incorrect - Glass-Steagall separates investment banking from day-to-day banking functions and has nothing to do with "regulating" Wall Street - it was far superior to the Dodd-Frank nightmare that is currently in play. Investors in investment banks knew they were taking on risk; those of us who invested in regional banks whose loans went to fund housing, agriculture and small businesses had more assurance of a return on our investments.

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Joyce B... to Jean 2012/06/07 00:48:08

When government wrecks the economy, you can count on it to do the worse thing possible to "fix" it, like Dodd-Frank.

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rdyjoe 2012/06/06 20:06:20

None of the above

Cradle to Grave "Bob"

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TheTruth1313 2012/06/06 19:54:35

None of the above

+1
Not sure about what needs to be done at this point, but, you are absolutely correct about this Bob. Something needs to be done. Wall Street does need to be regulated.

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Phil to TheTrut... 2012/06/06 21:12:49

If you don't like what Wall Street is doing, just keep your money out of the investment scheme that they created in the stock market. Try investing in an individual corporation or business on your own without Wall Street to return a profit. No one is forcing anyone to invest in anything, and if you suspect foul play, why even get involved in it? Just common sense. If you know how bad a gang is, would you still join? Or, if you know how illegal a single scam artist is, would you go ahead and get involved with him/her? Common sense would say, "NO". So, what is so different about this particular scheme (stock market) that demands you get involved and then complain if you lose money or they take more than you think that they deserve? There is a 'sucker' born every minute, but YOU don't have to be that 'sucker', unless you were born with no sense. Let Wall Street do their thing, just don't get involved and you won't get hurt. 'Common Sense', that's all.

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Joyce B... to Phil 2012/06/07 00:53:54

+1
Common sense, for sure. However, the same common sense applies to participating in a political process that can only destroy wealth, never create it. We can easily stay out of a rigged stock market, but it's a lot harder to avoid the depredations of government interference in every aspect of our lives, both personal and financial. It is getting harder and harder to start and run any kind of business in Amerika.

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TheTrut... to Phil 2012/06/10 07:23:33

I can see what you are trying to say, however, just like banks, Wall street is an entity that also needs to be regulated. I did not say sanctioned. However, what happens on Wall street effect not only this country, but, the entire world economy and, lets be honest, Wall street has become quite the corrupt force as well. No, it is time that Wall street is taken down a notch or two.

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mind-pilot 2012/06/06 19:49:33

we need to reinstate Glass-Steagall law

+1
It is the best way to maintain the firewall to protect us from gambling bankers. It works very well.

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Joyce B... to mind-pilot 2012/06/07 00:55:00

It never worked because it was never enforced before it was "repealed."

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mind-pilot to Joyce B... 2012/06/07 15:18:33

You have a point. President George H. Bush let Ken Lay appoint his own SEC agents. That was a rip-off. It was tounge in cheek that the fox was in the hen house. Right! They don't earn their money. They steal it. But that's not a reason to repeal the law. Just in case some "hard working" SEC agent comes to work that isn't bought out. In America? Not bought out? Oh please. Just put the law in tact and hope that the free cheese in the mouse trap tastes good.

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mind-pilot to mind-pilot 2012/06/07 15:19:36

Besides Joyce, it did work.

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Vennie 2012/06/06 18:53:32

We need to reinstate Glass-Steagall law and additional laws regulating predat...

It's pretty clear that banks can't aduquately regulate themselves and many corporations don't even give lip service to existing regulatory limits.

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Joyce B... to Vennie 2012/06/07 01:00:51

Banks, as well as every other kind of business, would be very well regulated by the free market if the government didn't always interfere with markets by creating regulatory agencies that are always captured by the industry they supposedly regulate. That's why so many major corporations don't have to worry about regulations. They wrote the regulations themselves to handicap their competitors and customers.

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Centrist_Bill 2012/06/06 18:50:59

we need to reinstate Glass-Steagall law

+1
Nuff said.

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James 2012/06/06 18:28:04

we need to reinstate Glass-Steagall law

+1
retail banking should be boring period....I don't want to feel like I'm going to the casino when I go to the bank.

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none 2012/06/06 17:36:39

we need to reinstate Glass-Steagall law

+1
Great idea, it worked for over 60 years and would work again.

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clasact 2012/06/06 17:17:34

We need to reinstate Glass-Steagall law and additional laws regulating predat...

+1
the regulation should never have been taken off of wall street .they just couldnt wait to try to come up with new way to make themselfes money now matter what the end result was going to be

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niki 2012/06/06 16:49:13

None of the above

hopeless... : {

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ruralntex 2012/06/06 15:43:12

we need to reinstate Glass-Steagall law

+2
Absolutely! We need Glass Steagall back. The alternative is to let the Fed audit and regulate stack brokers and Insurance companies. That is NOT what the Fed is geared for.

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Lady Whitewolf 2012/06/06 15:34:00

we need to reinstate Glass-Steagall law

+2
LIKE YESTERDAY!!

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Christian 2012/06/06 15:08:01

we do not need to reinstate Glass-Steagall law

To much regulation slows growth. Government can not be in the business of stopping mergers. If company X wants to merge with Y, what business is it to the government? Government should stay out of corporate America and let corporate America do what it needs to grow, it is anti capitalist for government to get involved, that's the job of CEOs. Its equal to fooling with mother nature or the natural order of things. We have to let these companies live or die on there own. Its like this, if you are a sneaker store and the guy next door sells shoes and the other lady sells socks and you all say "hey lets merge and save rent", "sounds like a good idea" and then government comes along and says "you can't do that because your not allowed", you would say " What do you mean we are not allowed, what is this Russia" and they would be right. Meanwhile the three stores would save on rent and maybe be able to expand with the savings or hire more people or maybe give raises in salary.

Corporate America knows whats best for corporate America, we can not punish them forever for 2008 which was the fault of both parties. The liberals made a race issue out of it and the Republicans wanted people to own there own homes so the powers that be could take the credit of having the most private ownershi...

To much regulation slows growth. Government can not be in the business of stopping mergers. If company X wants to merge with Y, what business is it to the government? Government should stay out of corporate America and let corporate America do what it needs to grow, it is anti capitalist for government to get involved, that's the job of CEOs. Its equal to fooling with mother nature or the natural order of things. We have to let these companies live or die on there own. Its like this, if you are a sneaker store and the guy next door sells shoes and the other lady sells socks and you all say "hey lets merge and save rent", "sounds like a good idea" and then government comes along and says "you can't do that because your not allowed", you would say " What do you mean we are not allowed, what is this Russia" and they would be right. Meanwhile the three stores would save on rent and maybe be able to expand with the savings or hire more people or maybe give raises in salary.

Corporate America knows whats best for corporate America, we can not punish them forever for 2008 which was the fault of both parties. The liberals made a race issue out of it and the Republicans wanted people to own there own homes so the powers that be could take the credit of having the most private ownership of homes.

President Roosevelt as great a president as he was, started this business of government having these types of powers.

I agree with government and social issues involving the welfare of individuals (social security,welfare,education ext.) but not corporate affairs, that's not what we are about here.
(more)

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bob to Christian 2012/06/06 16:02:43

+2
Corporate knows whats best for corporate not america

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Christian to bob 2012/06/06 16:07:41

Corporate America is America. What do you want government control of corporate America, so they can run it like the Post Office. You don't want government in your Health insurance and you don't want them running your company either.

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niki to Christian 2012/06/06 16:47:00 (edited)

The post office is being run to the ground by legislation enacted by the Republicans that required them to pre-fund their retirement plan. If corporate America is America then we all can kiss our humanity goodbye.

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Centris... to Christian 2012/06/06 18:52:20

Im glad you like having your life being run by some corporation. Im not going to let it happen to ME.

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Joyce B... to Centris... 2012/06/07 01:13:50

Corporations can't run your life. Only the government, with its monopoly on legalized violence, has the power to run your life. Of course, corporations are great at bribing politicians to share the money stolen from you.

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Centris... to Joyce B... 2012/06/07 01:19:37

The only thing the Government has on me is taxes. Everything else is up to me. As for corporations running the lives of people maybe you need to ask the people that slave away in corporate America.

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Joyce B... to Centris... 2012/06/07 03:27:26

Can you use whatever light bulb or toilet you want in your home? That's just the most trivial examples of government meddling. The really horrendous meddling can't even be measured because you can't know how much cheaper everything would be without government regulation of almost every industry, or how much safer roads would be if built by competing road owners, or how much more your money would be worth with competing currencies rather than debased fiat currency.

Working for a corporation is voluntary. Nothing about government is voluntary. You can start your own business and discover how really expensive government regulation is, or go to work for some heroic entrepreneur who is burdened by insane government regulations as well as all the normal risk involved in trying to please enough customers at a low enough cost to make a profit. You can't get away from paying taxes to the US government no matter where in the world you go (unless you go through the expensive process of renouncing your citizenship), and there is almost no place on the planet where some government doesn't claim to own its "citizens."

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