Opinion of the Glass-Steagall Act

[Mad Deadly Worldwide Communist Gangster Computer God]

As briefly discussed on the chat..

[I spent the winter writing songs about getting better]

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

[k-onmmunist]

FL. Repealing it was an act of extreme stupidity.

[Lambsbread]

Obviously FL.

[○∙◄☻¥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.

[morgieb]

FL as I'm not an idiot.

[Mad Deadly Worldwide Communist Gangster Computer God]

FL; repealing it was a bipartisan mistake.

[🐒Gods of Prosperity🔱🐲💸]

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.

[○∙◄☻¥tπ[╪AV┼cVê└]

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.

[Miles]

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.

Or Congressman Dingell.

[🐒Gods of Prosperity🔱🐲💸]

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.

Must be nice to be sure you know which prediction to listen to.
I guess all those people who voted for it did so without any thought for its possible effects?

[Purch]

When you have Ron Paul the one of the most anti-regulation politicians arguing against it's repeal then that should tell you it wasn't a good idea.

[Insula Dei]

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.

Must be nice to be sure you know which prediction to listen to.
I guess all those people who voted for it did so without any thought for its possible effects?

Probably, yeah.

[Snowstalker Mk. II]

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

[courts]

When you have Ron Paul the one of the most anti-regulation politicians arguing against it's repeal then that should tell you it wasn't a good idea.

it had nothing to do with opposing de-regulation, actually he voted against it because it made investment banks fdic insured...

[All Along The Watchtower]

Horrible Legislation. Everyone knows that the all-powerful God known as "the market" frowns upon regulation in general.

[Marokai Backbeat]

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.

Must be nice to be sure you know which prediction to listen to.
I guess all those people who voted for it did so without any thought for its possible effects?

Probably, yeah.

Yeah, I don't know why that's such a crazy notion. The amount of stuff that passes without people even thinking about it is higher than Shua seems to think.

[Torie]

It's repeal was a horrible idea. I don't like the idea of banks getting into investment banking and mutual funds, both of which they do singularly poorly, in part because the salaries are low. The dumbos that hawk securities in branches make my skin crawl. Some cute chick got my brother to buy a muni bond fund with a sales load (for the chick), when he was in a 15% tax bracket. I asked my brother why he didn't consult with his brother with an MBA first, and he said, I called, but you didn't answer. I told him that he was just as dumb as the chick and maybe he should ask her out for a date, since they seemed to have a lot in common. Anyway, I unwound the transaction after getting my whip out, but it took a few hours.  

And I have not even got to the matter of the government basically having to bail out failed banks these days, and so we have a moral hazard problem as well. The only things banks should invest in other than making loans, is T Bills, and certainly not be hawking investments to others. That is all they are really capable of. Investing in T Bills.   Bankers are the betas of the investment world. Write that down.

On this issue, the Left is right. Totally right.

[🐒Gods of Prosperity🔱🐲💸]

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.

Must be nice to be sure you know which prediction to listen to.
I guess all those people who voted for it did so without any thought for its possible effects?

Probably, yeah.

Yeah, I don't know why that's such a crazy notion. The amount of stuff that passes without people even thinking about it is higher than Shua seems to think.

Oh, I'm sure they didn't think about it enough, and they largely ignored all sorts of intelligent warnings. But still, they must have had some elementary reason for supporting it, some reasons that they brought up in the debates, and a lot of people were convinced. And so if you get rid of it, it's worth thinking what issue it was meant to address, and consider if some other solution is necessary or if there wasn't a real problem in the first place.

[○∙◄☻¥tπ[╪AV┼cVê└]

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.

[Snowstalker Mk. II]

Well, short-term growth. The bubble and all that.