Thread: The Glass Steagall Act

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  1. #1
    Join Date Dec 2001
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    http://www.cftech.com/BrainBank/SPECIALREP...ssSteagall.html

    An intro to deregulation 1999
    http://www.fmcenter.org/fmc_superpage.asp?ID=245

    New york times some useful articles
    http://www.nytimes.com/library/financial/i...s-steagall.html

    The post enron environment.
    http://www.wired.com/wired/archive/10.02/change.html


    (Edited by peaccenicked at 3:05 am on July 20, 2002)
    Man's dearest possession is life, and since it is given to him to live but once.He must so live that dying he can say, all my life and all my strength have been given to the greatest cause in the world, the liberation of mankind
    Ostrovski

    Muriel Spark:

    If I had my life to live over again I should form the habit of nightly composing myself to thoughts of death. I would practice, as it were, the remembrance of death. There is no other practice which so intensifies life. Death, when it approaches, ought not to take one by surprise. It should be part of the full expectancy of life. Without an ever-present sense of death life is insipid. You might as well live on the whites of eggs.
  2. #2
    Join Date Jul 2001
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    (1) Banks were investing their own assets in securities with consequent risk to commercial and savings deposits. The concern of Congress to block this evil is clearly stated in the report of the Senate Banking and Currency Committee on an immediate forerunner of the Glass-Steagall Act.

    (2) Unsound loans were made in order to shore up the price of securities or the financial position of companies in which a bank had invested its own assets.

    (3) A commercial bank's financial interest in the ownership, price, or distribution of securities inevitably tempted bank officials to press their banking customers into investing in securities which the bank itself was under pressure to sell because of its own pecuniary stake in the transaction.
    (From the first link Peacce posted)

    This sounds a bit familiar.
    In Solidarity,
    RC
  3. #3
    Join Date Dec 2001
    Location Glasgow,Scotland
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    Yes, it looks like history is being set to repeat itself.
    Man's dearest possession is life, and since it is given to him to live but once.He must so live that dying he can say, all my life and all my strength have been given to the greatest cause in the world, the liberation of mankind
    Ostrovski

    Muriel Spark:

    If I had my life to live over again I should form the habit of nightly composing myself to thoughts of death. I would practice, as it were, the remembrance of death. There is no other practice which so intensifies life. Death, when it approaches, ought not to take one by surprise. It should be part of the full expectancy of life. Without an ever-present sense of death life is insipid. You might as well live on the whites of eggs.

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