Opinion of the Glass-Steagall Act (user search)
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  Opinion of the Glass-Steagall Act (search mode)
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Freedom Legislation
 
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Horrible Legislation
 
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Author Topic: Opinion of the Glass-Steagall Act  (Read 1721 times)
○∙◄☻¥tπ[╪AV┼cVê└
jfern
Atlas Institution
*****
Posts: 53,908


Political Matrix
E: -7.38, S: -8.36

« on: June 10, 2012, 07:31:35 PM »
« edited: June 10, 2012, 07:39:31 PM by ○∙◄☻¥tπ[╪AV┼cVê└ »

I really can't imagine how someone could seriously argue that repealing it was a good idea.

Well, it wasn't hard to find 90 Senators who preferred global economic meltdown despite Senator Dorgan's warnings.

Here are the 8 Senators who had a clue.
Shelby - The one Republican
Boxer - The better California Senator, as usual. She voted the correct way despite having been a Wall Street. stockbroker.
Byran - Defeated a while ago
Dorgan - Pretty much predicted the 2008 economic crisis, and yet basically had to retire in 2010
Feingold - Sadly defeated in 2010
Harkin - Still around
Mikulski - Still around
Wellstone - Died in 2002

Fitzgerald and McCain didn't vote.
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○∙◄☻¥tπ[╪AV┼cVê└
jfern
Atlas Institution
*****
Posts: 53,908


Political Matrix
E: -7.38, S: -8.36

« Reply #1 on: June 10, 2012, 11:32:58 PM »

It's easy to say FL in hindsight, but we shouldn't pretend it was obviously a bad idea to repeal it.  There were real economic growth arguments there - it's just the downside was greater than most expected.

Anyone who paid attention to what Senator Dorgan said didn't need hindsight.
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○∙◄☻¥tπ[╪AV┼cVê└
jfern
Atlas Institution
*****
Posts: 53,908


Political Matrix
E: -7.38, S: -8.36

« Reply #2 on: June 11, 2012, 10:46:43 PM »

I'd take economic stability over massive growth (and the inevitable bust) any day.

What growth? On November 12, 1999 when Gramm-Leach passed, the S&P 500 was 1381. Now it's 1309. That's a significant drop without even adjusting for inflation. Gramm-Leach is an epic fail.
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