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applegrove

(118,665 posts) Tue Jul 7, 2015, 10:41 PM Jul 2015

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Warren, McCain introduce bill to bring back Glass-Steagall [View all]

Warren, McCain introduce bill to bring back Glass-Steagall

By Kevin Cirilli at The Hill

http://thehill.com/policy/finance/247093-warren-mccain-introduce-bill-to-bring-back-glass-steagall

"SNIP..............

Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices.

Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse.

Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout.

The bill, which they first introduced in the last Congress, would separate traditional banking with checking and savings accounts from financial institutions that offer services such as investment banking, which are riskier.

..............SNIP"

116 replies

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Warren, McCain introduce bill to bring back Glass-Steagall [View all] applegrove Jul 2015 OP

Behind the Iraq War, the repeal of Glass-Steagall was probably the most damaging things Quixote1818 Jul 2015 #1

I'm thinking the birth of Dick Cheney should be right up there. Seriously, I don't disagree rhett o rick Jul 2015 #48

You are wrong! Thankfully. . . Springslips Jul 2015 #67

I missed the 30 year limit. I hope he lives long enough to understand that he is a war criminal. nm rhett o rick Jul 2015 #71

You have to have some semblence of empathy and humanity. AngryDem001 Jul 2015 #90

I believe he is a classic sociopath. Just sayin'. nm rhett o rick Jul 2015 #95

Never happen. He's corporate Borg hifiguy Jul 2015 #98

Fantastic! RiverLover Jul 2015 #2

You're welcome. applegrove Jul 2015 #3

Good idea but this should have been tied to the bailouts.....Revive Glass-Steagall or no bailout. yourout Jul 2015 #4

Fingers crossed. nt valerief Jul 2015 #5

Bipartisan too. PowerToThePeople Jul 2015 #6

Is it just me or has McCain suddenly become sensible and cooperative as of late? Frustratedlady Jul 2015 #7

He has been screaming for war all last week. He may be right on Glass Stegal, but he is still still_one Jul 2015 #8

He has an election coming up. n/t KarenS Jul 2015 #12

And Arizona is not as red as it used to be... n/t Betty Karlson Jul 2015 #17

az election are rigged..we do not actually know how red it is questionseverything Jul 2015 #66

Shouldn't this be brought before some investigative body, then? Betty Karlson Jul 2015 #73

activists have been in court for 7 years over this case questionseverything Jul 2015 #74

Thanks for that. eom Betty Karlson Jul 2015 #76

Actually McCain probably wants this Kevin from WI Jul 2015 #24

As twisted as that is, seems like a solid theory to me. SomeGuyInEagan Jul 2015 #68

That makes perfect sense in a dazzlingly perverse and sick way. nt hifiguy Jul 2015 #99

Nope, he's watching his ass. There's a challenger back in Arizona. calimary Jul 2015 #37

Wouldn't it be sweet if he lost to a woman? Super sweet! Frustratedlady Jul 2015 #52

Money is no problem for him jmowreader Jul 2015 #86

He's scared. ChazInAz Jul 2015 #56

He's always been like this Reter Jul 2015 #59

McCain has always had isolated moments of seeming sense . . . markpkessinger Jul 2015 #65

True warmfuzzy Jul 2015 #93

Okay, we worked out butts off trying to stop the TPA. Let's see if we can win this one. Time to jwirr Jul 2015 #9

THIS^^^^^^ calimary Jul 2015 #39

most excellent. nt navarth Jul 2015 #10

I will contact my Congress people and let them know I expect them to support this bill. mountain grammy Jul 2015 #11

This is GREAT. Get ready to call your Senators and Representative on the hour and voice your support PatrickforO Jul 2015 #13

Sen. Sanders supports this! grahamhgreen Jul 2015 #14

great news. wonder if the TPP will over rule this tho nt msongs Jul 2015 #15

Superb! Sherman A1 Jul 2015 #16

Would this be the same Glass Steagall Le Taz Hot Jul 2015 #18

Yip, Bill CLINTON. n/t UTUSN Jul 2015 #31

Bill now works at UBS with Phil Gramm, who as Senator spearheaded deregulation. Octafish Jul 2015 #33

"It's all legal like." Le Taz Hot Jul 2015 #34

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever. Octafish Jul 2015 #36

Well, you've always been one of DU's smartest Le Taz Hot Jul 2015 #40

Coming from you, that means a lot. Octafish Jul 2015 #43

As always, Octofish, a must-read if you REALLY want to know annabanana Jul 2015 #47

^^^this^^^ L0oniX Jul 2015 #49

Thank you for this!!! hifiguy Jul 2015 #57

ROFL malaise Jul 2015 #44

Wealth Management Octafish Jul 2015 #45

Love you back malaise Jul 2015 #89

Obama will be joining soon, I'd bet. nt awoke_in_2003 Jul 2015 #60

Republican congress Rosa Luxemburg Jul 2015 #87

This is great and the timing couldn't be better for the Democratic candidates ... 1StrongBlackMan Jul 2015 #19

Does Hillary support reinstatement of Glass Steagall? LondonReign2 Jul 2015 #69

She is on record supportin ... 1StrongBlackMan Jul 2015 #78

I would really like to see a statement from her that she wants Glass-Steagall rhett o rick Jul 2015 #96

Considering that the Dons of Goldman were big in pushing for hifiguy Jul 2015 #100

I guess we will hear all about it during the debates, huh? n/t 1StrongBlackMan Jul 2015 #105

In other words you don't have any links to her stating she wants to go back to Glass- rhett o rick Jul 2015 #110

No ... 1StrongBlackMan Jul 2015 #111

Supporting "more strenuous banking regulation" is very different LondonReign2 Jul 2015 #114

I realize ... 1StrongBlackMan Jul 2015 #116

''Progressives''? Ex-CITIGROUP CEO Blames Glass-Steagall Repeal for Financial Crisis Octafish Jul 2015 #20

The old S&L scandal Kevin from WI Jul 2015 #27

S&Ls were the blueprint for ripping off the banks via deregulation. Octafish Jul 2015 #32

Once in a blue moon, McCain gets it right... Gumboot Jul 2015 #21

Outdamnedstanding JackInGreen Jul 2015 #22

It doesnt matter shaayecanaan Jul 2015 #23

Excellent. Get this done! Enthusiast Jul 2015 #25

Good move, I wonder why this has taken so long, good for Warren and McCain. Maybe we can finally Thinkingabout Jul 2015 #26

Because it's entirely symbolic Recursion Jul 2015 #55

History says otherwise. hifiguy Jul 2015 #101

O'Malley welcomes the development bigtree Jul 2015 #28

I posted down below, but I am VERY happy for this. nt Raine1967 Jul 2015 #107

It would be great win to get this back into law davidpdx Jul 2015 #29

Well done, Senator Warren and Senator McCain emulatorloo Jul 2015 #30

Cannot help but think McCain is just horny for Sen. Warren. Darb Jul 2015 #35

Excellent news. nt brer cat Jul 2015 #38

Would be excellent if it can get passed. TM99 Jul 2015 #41

Bravo! lovemydog Jul 2015 #42

John has learned the inevitable HoosierCowboy Jul 2015 #46

I wrote my senator (Casey - PA) to intoduce the exact same bill. Silencio! EndElectoral Jul 2015 #50

Pleasantly surprised that McCain is in on this. City Lights Jul 2015 #51

He wants some of his maverick moniker back nolabels Jul 2015 #77

K&R Stellar Jul 2015 #53

Doesn't really matter, but bringing it back wouldn't be actively harmful Recursion Jul 2015 #54

. Rex Jul 2015 #70

Let me guess: you think this will "keep banks from gambling with your money" Recursion Jul 2015 #75

"Politics makes strange bedfellows..." malthaussen Jul 2015 #58

OMG, a rare McCain sanity moment! lark Jul 2015 #61

A Good Deed From Grampy McCain colsohlibgal Jul 2015 #62

McCain? John McCain? KamaAina Jul 2015 #63

credit where credit is due SCantiGOP Jul 2015 #64

This will piss off all the right people so I am all for it! Rex Jul 2015 #72

Great News. Hopefully it can pass in spite of the corporatists. Akicita Jul 2015 #79

good- its a start Marrah_G Jul 2015 #80

nice but CTBlueboy Jul 2015 #81

He may yet live to redeem himself libodem Jul 2015 #82

Warren makes sense, but McCain? What's up his sleeve? Dont call me Shirley Jul 2015 #83

McCain needs to polish up the ol' Legacy, which suffered major damage from bad decisions. Raster Jul 2015 #84

By beginning to undo the Reagan Revolution? Maybe backlash against the gop bigwigs? Dont call me Shirley Jul 2015 #85

You are giving him way too much credit. And it wasn't his decision to bring Palin onboard. rhett o rick Jul 2015 #97

I disagree. If John McCain had said: "NO Sarah Palin" her candidacy would not have moved forward. Raster Jul 2015 #102

Some things a majority of the US Congress sulphurdunn Jul 2015 #88

Kicked and recommended. Uncle Joe Jul 2015 #91

It's about time! warmfuzzy Jul 2015 #92

Interesting since his friend Phil Grahm helped make the repeal possible still_one Jul 2015 #94

The repeal of Glass-Steagall along with "Don't ask and Don't tell"& "Defense of Marriage" awake Jul 2015 #103

This is a very simple issue for politicians, and for The People to judge politicians BY nikto Jul 2015 #104

I gotta big feeling I am gonna get slammed for asking this: Why isn't Sanders Raine1967 Jul 2015 #106

Looks good, no reason it shouldn't be asked or you'd be slammed. elleng Jul 2015 #108

Thanks, I still do not know why his name is isn't on the legislation. Raine1967 Jul 2015 #109

McCain MFrohike Jul 2015 #112

...so it can go to the house to die quietly 0rganism Jul 2015 #113

Good! UCmeNdc Jul 2015 #115