Why you should vote to reinstate Glass-Steagall

[mmonk]

Last edited Sun Jan 10, 2016, 03:47 PM - Edit history (1)

or at least vote to break up too big to fail. They are moving to bail ins as opposed to bail outs. Either way, YOU will get screwed. The reason I am voting for Bernie Sanders is I refuse to vote to screw myself. eom.

[RandySF]

1. I'm curious about how much Sanders' supporters know about the financial sector.

[Rosa Luxemburg]

2. What is that supposed to mean?

[RandySF]

4. I never hear tap beyond breaking up the banks

when even Paul Krugman writes that it doesn't get to the main problem.

[mmonk]

3. Are you talking about sales people or economics?

[RandySF]

5. Both

[mmonk]

7. I have 232 hours of academic studies in economics

but zero hours in selling stocks, bonds, and derivatives. But I do have experience in buying stocks, bonds, and derivatives as well as real estate and getting screwed by the fraudulent ratings of cdo's that led to the crash as well as those that had no insurable interests in the assets they bet against. Hence, my warning, not due to politics, candidates, or ideology but looking for people who will fix the threat.

[mmonk]

8. I'm also enrolled in a macro-economics program

post graduate at UC-Irvine. I'm currently 59 years old.

[senz]

13. I can relate

as someone who also did grad school in middle age -- with retirement right around the corner, no less. It was a lot of work but personally enriching and may even have sharpened up the ol' brain a little. So good on you, mmonk! Enjoy the intellectual journey.

Hope you keep weighing in, too. Economics is pretty fascinating, and most us of had little if any exposure to it in college.

[mmonk]

18. Thanks. Sometimes it's scary realizing some

things you have forgotten or took for granted.

[Armstead]

6. How much does the average Clinton suppoter know?

No one is an expert on everything in life. But that does not mean they are ignorant or not entitled to an opinion on principles and issues.

[senz]

14. It always amazes me

how easily these arrogant, presumptuous questions arise from the Clintonian side but rarely occur, for some reason, to most Bernie people.

Might have something to do with an egalitarian outlook -- or maybe it's just good manners?

[mmonk]

15. Obviously. But the threat I speak of is not

dealt with in an informative way by the media.

[mmonk]

9. .

[TheFarS1de]

10. Why do that ?

After all simply stating" Cut it out" is much more presidential

[mmonk]

11. Cut it out

[brooklynite]

12. Unless Sanders loses...

[mmonk]

19. You can still support congressional members

who have signed onto the proposed new Glass-Steagall.

[brooklynite]

20. I am...and I'll tell you they don't think it would be good to nominate Sanders.

[mmonk]

21. I am sure some don't share that sentiment.

But I'm glad you share the sentiment on the issue with your representatives.

[pa28]

16. The Bank of England is re-instituting "ring fence" which is a glass-steagall type rule.

One of the arguments I've heard against glass-steagall II is that the financial industry will just pull up stakes and move to London if we break up the big banks. We're running out of excuses not to do this ourselves.

Regulators want to split up retail banks – the services you would get in a branch, online or that a small business would use – from the investment banking and global operations of the giant banks.
The idea is that the essential parts of the business will become safer, making it less likely that normal people will be affected by a failure in the riskier parts, such as investment banking.
Even if the bank does crash, the new rules should make it easier for the Bank of England to let investment banking operations collapse, but keep the retail bank running.

http://www.telegraph.co.uk/finance/bank-of-england/11934139/QandA-What-is-bank-ring-fencing.html

[mmonk]

17. Thanks.