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XMFSinchiruna (27.99)

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April 06, 2009 – Comments (6)

My quest to plop the largest portion of blame-infused gruel onto the plate of the Glass-Steagall repealers has reached the final round of this year's Stock Madness, and so for this last round I will ask you all to participate by casting your vote according to your conscience after weighing the two arguments presented in this article. Thank you so much for reading, for sharing your thoughts here, and for voting in the poll at the bottom of the article. Anyone wishing to delve a little deeper will find this and all three previous rounds linked below:

Final (Present) Round: Glass-Steagall repealers vs. Wall Street

Final Four: Glass Steagall repealers vs. Congress

Round Two: Glass-Steagall repealers vs. derivatives

Round One: Glass-Steagall repealers vs. Alan Greenspan

Thanks again!

 

6 Comments – Post Your Own

#1) On April 06, 2009 at 1:27 PM, binve (< 20) wrote:

I am with you Sinch, Glass-Steagall all the way (because Wall Street wouldn't be as powerful / dangerous as it is now if Glass-Steagall was still in place).

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#2) On April 06, 2009 at 3:02 PM, MikeMark (29.84) wrote:

Wow. Glass-Steagall sure did have something to do with it, but lets go back further. How about looking in the right direction. What about the Federal Reserve System? Our central bank controls the interest rates. Low interest rates cause mal-investment like overbuilding of homes (and other things). Other interesting things happen as well. We lose manufacturing (and manufacturing jobs) due to mal-investment in the wrong places. This is the exact same thing that happened in the late 1920s. Why not write about that?

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#3) On April 06, 2009 at 3:59 PM, XMFSinchiruna (27.99) wrote:

MikeMark

I just recently did write about that  :) And in a related blog post, I advocated abolishing the Federal Reserve altogether. It all depends on how far back you want to go. :)

 

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#4) On April 06, 2009 at 8:25 PM, Tastylunch (29.52) wrote:

Ooo now this is tough. See cuz Wall Street asked for Glass Steagall to be repealed and basically engineered it to happen

You know Wall Street reminds me of the Velociraptors as they were (incorrectly) portrayed in Jurassic Park

It doesn't matter what rules you put on them or situation you put them in, they will relentlessly test the limits of the regulation system until they finally find a way to circumvent it.If it hadn't been Glass Stegall it would ahve been something like it eventually. I think hat will always be true as lng as the culture on the street reains the way it is.

(Incidentally is this behavior noted to be the same say In Shanghai, London, Berlin and Tokyo? Wonder if it's human or culturally based.)

I'm going to have to abstain from this one sorry Sinchi. 

as it's actor vs act and both are pretty much equally culpable in my eyes.

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#5) On April 10, 2009 at 6:36 PM, SharpSEO (67.48) wrote:

Tastylunch, "Ooo now this is tough. See cuz Wall Street asked for Glass Steagall to be repealed and basically engineered it to happen."

Agreed, it's hard to call. But it seems certain that Wall St. was the instigator. They sold the politicians on the idea (which probably wasn't very hard once you make some healthy donations in the right places). Politicians are clearly at fault too for failing their responsiblities. But Wall St gets my vote.

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#6) On April 11, 2009 at 11:32 AM, garyc27 (< 20) wrote:

I gotta give it to the Glass Stegall repealers.

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