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Old 03-12-2019, 06:19 AM
Dominant Buck
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Join Date: Jan 2004
Posts: 36,263

Originally Posted by Lunkerdog View Post
Sorry that I'm so late replying to this Mickey... Got busy, and lost track of it...

Considering that Greenspan, who was at least somewhat of a disciple of Ayn Rand was the fed chair at the time of the repeal of Glass/Steagal, I certainly can't deny the Libertarian influence on it's repeal...

That said, we have to keep in mind that it was a Republican Congress that passed the repeal, and a Democratic President that signed it... Also, though I would have to do some research to prove it, I myself don't doubt that Robert Rubin, and Larry Summers, who along with Greenspan were dubbed (I believe by Time magazine) "The Committee To Save The World", had a fair share of influence on the repeal of Glass/Steagal...

IMHO, it is a bit misleading to claim that it was Libertarians that led to the repeal of Glass/Steagal

Not sure about your reference to roads... I'm not seeing it in the interstate system...

Three quarters of our Winter was relatively mild, but it's damn sure hammering us in the end!!!
its already been well established the Mickey doesn't have an idea what Glass-Steagel was all about. I've asked repeatedly what was wrong with Glass-Steagel and his reply was Google. For anyone who travels outside their town or enjoys internet banking features, this is a direct result of the repeal of Glass-Steagel.

To blame Glass-Steagel on the mortgage crisis that hit 10 years ago is a nothing burger. The crisis was all driven by politicians demanding banks lend to people who couldn't afford to pay them back. Once banks made loans, someone needed to purchase those loans which were traditionally a safe bet. All bets were off because the new loans banks were forced to provide had no historical guidance. Unfortunately today, Obama pushed the industry right back into the same hole and who bought the loans? The Fed. It's not going to be pretty the next time this crisis hits. We the people are holding trillions worth of paper notes.
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