Should congress reinstate Glass-Steagall?

Posted by: maslow

Deregulation of the banks has caused the economy to stagnate thirty years

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MakeSensePeopleDont says2016-07-05T14:02:34.7222643Z
You can only generate "economic growth" for so long; there is a ceiling. You can protest for wage hikes all you want, the FED can print as much cash as they want, banks can play with interest rates as much as they want, inflation can go as high as it wants; none of that can change the fact that there is a ceiling. Americans are already pricing themselves out of the labor markets, to the point that every large corporation is testing robotics to cut jobs and labor costs; larger companies have even purchased their own tech startups and started pumping money into them for robotics and automation. Do you really think the economy can just keep "growing"?
maslow says2016-07-05T19:26:12.4832475Z
MSPD: The emergency legislation that was passed within days of President Franklin Roosevelt taking office in March 1933 was just the start of the process to restore confidence in the banking system. Congress saw the need for substantial reform of the banking system, which eventually came in the Banking Act of 1933, or the Glass-Steagall Act. The bill was designed “to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.” The measure was sponsored by Sen. Carter Glass (D-VA) and Rep. Henry Steagall (D-AL). Glass, a former Treasury secretary, was the primary force behind the act. Steagall, then chairman of the House Banking and Currency Committee, agreed to support the act with Glass after an amendment was added to permit bank deposit insurance.1 On June 16, 1933, President Roosevelt signed the bill into law. Glass originally introduced his banking reform bill in January 1932. It received extensive critiques and comments from bankers, economists, and the Federal Reserve Board. It passed the Senate in February 1932, but the House adjourned before coming to a decision. It was one of the most widely discussed and debated legislative initiatives in 1932.
maslow says2016-07-05T19:27:53.6979939Z
MSPD: This has absolutely nothing to do with making more money it was a regulatory action to keep banks from screwing over investors and depositors, duh?

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