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US69 - A New Glass-Steagall
| Join Elizabeth Warren and the PCCC in demanding that Congress create a new Glass-Steagall | |
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Description
We’ve seen all the headlines: JP Morgan Chase took risky bets and lost two billion dollars in a matter of weeks.
Frankly, I don’t think we should just trust Wall Street banks to regulate themselves. Because as we learned during the 2008 financial crisis, they are not just taking risks with their own money -- they are taking risks with the whole economy.
Will you join us in calling on Congress to hold Wall Street accountable and pass a new Glass-Steagall Act?
Click here to stand with us!
Frankly, I don’t think we should just trust Wall Street banks to regulate themselves. Because as we learned during the 2008 financial crisis, they are not just taking risks with their own money -- they are taking risks with the whole economy.
Will you join us in calling on Congress to hold Wall Street accountable and pass a new Glass-Steagall Act?
Click here to stand with us!
Arguments
Why you should care if some idiot trader from JPM, that received at least $390 billion in Fed loans loses $2 billion: because J.P. Morgan is a federally-insured depository institution that has been and will continue to be the recipient of massive amounts of public assistance. If the bank fails, we pay for the cleanup. So when they gamble like drunken sailors, it’s everyone’s problem.
Redesign the financial sector to invest in the productive economy, businesses trying to make products and offer new services, rather than this trading casino.
Shortly after she was first elected to Congress, at a time when both parties were supporting de-regulation of the financial industry, Tammy stood up for Wisconsin taxpayers. She voted against letting Wall Street and the big banks write their own rules — one of only a handful of members of Congress who voted no on repealing the Glass-Steagall Act. The Glass-Steagall Act had been in place since the Great Depression and kept banks from engaging in many of the risky practices that later led to 2008 economic collapse, our nation’s worst recession since the Great Depression.
Source: tammybaldwin.com
Source: tammybaldwin.com
Former President Bill Clinton, who is credited for the largest budget surplus in US history, admits that his repeal or Glass-Steagal was a huge mistake.
I don't want other people gambling with my money on Wall Street.
Glass-Steagall separated Commercial banks from investment banks to prevent this from happening.
Glass-Steagall separated Commercial banks from investment banks to prevent this from happening.
Counterarguments
- Regulating the Banks is not going to work in this darn age because they're already regulated enough, especially with Donn-Frank still on the books. You used J.P Morgan Chase as an example but to be perfectly honest with you, let them fail. We don't need to bailout no more banks. There are alternatives for people to put their money into, like community banks.
1 Topic
Discussion
Related Ideas
| If financial companies are Too Big To Fail, they're too big More detail | |
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| If a financial company fails, it will be Wall Street that pays the price—not the American people More detail | |
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| Restore the Glass-Steagall separation of depository commercial banks from speculative investment banks More detail | |
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| End taxpayer-funded bailouts for banks, insurers, and other financial companies More detail | |
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| Break up the oversized banks that are “too big to fail” More detail | |
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Regulation is necessary