| User Info
| Glass-Steagall Reintroduced (Basically) - HR.1489 in forum [Market-Ticker]
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Variance
Posts: 50
Incept: 2008-09-25
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It'll be neutered or killed.
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Genesis
Posts: 130775
Incept: 2007-06-26
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It's 16 pages. Amusing... compare against the length of Glass-Steagall 
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Dburn
Posts: 165
Incept: 2009-09-10
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They'll fight that harder than anything so far. "It will stop innovations in financial services". I'd like one committee person to ask: What innovations are you talking about and how have they benefited the consumer? Couldn't debit cards have been done under Glass Steagull?"
"You mean TALF where no recourse loans at zero interest for people in the "club" collateralized by garage sale items?
Seriously I wonder what's causing this sudden push to nail these f--ks. I like it, but if they don't follow through the outcry is going to be enormous. Maybe the SOL is running out on some of the more egregious stuff from 2006 and they have to move or explain to constituents how they ran the clock out.
No idea. Anything Karl? Might make a good ticker.
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"Bring out your dead"-a new alternative to Health care reform
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Jimg
Posts: 180
Incept: 2009-02-04
Dunedin, FL
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According to Paul Volcker, the only useful innovation in financial services in the last 30 years was the ATM.
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Peterm99
Posts: 4991
Incept: 2009-03-21
SoCal
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Sad to say, it'll languish and die in Spencer "Washington and the regulators are there to serve the banks" Bachus' Financial Services Committee.
It will be interesting to see just how many co-sponsors it will pick up over time.
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". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed
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Stonedog
Posts: 2080
Incept: 2008-05-29
New Jersey
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THIS. Absolutely essential. I doubt it will pass but we must try to push it through. I'm going to contact my congress critter first thing tomorrow on this. (I'd do it today but I have something I'm obligated to do this afternoon and I want to do it right.
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"I would characterize my professional disdain as more of a professional contempt for their [Central Banker, Banker and politician] economic and financial policies, priorities, presumptions and prescriptions." - Lauren Lyster on Capital Account for Friday June 16, 2012
"All the stimulus, the bailouts, the quantit
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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Quote:
Marcy Kaptur
From Wikipedia, the free encyclopedia
Marcia Carolyn "Marcy" Kaptur (born June 17, 1946) is the U.S. Representative for Ohio's 9th congressional district, serving since 1983. She is a member of the Democratic Party. The district includes all of Ottawa and Erie counties, and part of Lucas and Lorain counties.
Serving her fourteenth term in the House of Representatives, Kaptur is currently the longest-serving woman in the House; in the Congress, she is currently the fourth longest-serving woman, behind Senators Barbara Mikulski, Olympia Snowe, and Barbara Boxer. She ranks 25th out of 435 members in seniority and serves on the powerful House Appropriations Committee...
http://en.wikipedia.org/wiki/Marcy_Kaptu....
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You can't cheat an honest man. ~P.T. Barnum
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Steelhead23
Posts: 2043
Incept: 2008-09-09
Portland OR
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Attention TF Troopers - Man your phone lines, write those emails, and rattle those cages - the General has spoken.
Yes, sir! The rep. in my district is in bed with Obama, who I would assume would oppose this bill, but I'll work on DeFazio - I bet he joins in.
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Michaeld
Posts: 17
Incept: 2011-02-01
CO, USA
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so just how much of G.S. would this actually resurrect? all of it? from what i gather it was already largely neutered by other legislation and decisions prior to G.L.B. being passed. for instance, greenspan's fed had already opened exemptions which technically violated G.S.
nice pipe dream. can't see the chair [bacchus] letting this get a hearing in the committee much less being sent to the full house. i don't even thinking frank would support it. and its just one of what looks like dozens of bills in line to be ignored by them.
still, at least she's trying. thats more than can be said for most of the rest of congress. one wonders how much time summers, rubin, geithner, bernanke, dudley, paulson ... and so on will spend on the phone with the POTUS warning him of the evils of this and how it would most certainly crash the economy if word even got out that it was being proposed.
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Genesis
Posts: 130775
Incept: 2007-06-26
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A good part of it Michael. Not all, but the most-egregious portions.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Leon
Posts: 226
Incept: 2010-10-15
Dominican Republic
Banned
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Reinstatement of Glass Steagall would be a declaration of war against criminal international banking cartel lead by European Inter Alpha group. I believe the British government stated a few years back that adoption of Glass Steagall would be considered an “Act of War” against Britain – similar how they proclaimed Iceland a “terrorist nation” for refusing to pay private gambling debts.
Would be a good start, especially if followed by new Pecora commission.
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Chuckmak
Posts: 314
Incept: 2011-01-05
City of Bridges, PA
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GOOD! *calls up the congress beings*
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Aztrader
Posts: 6650
Incept: 2007-09-10
Scottsdale, AZ
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Just did my email list. I doubt if the banksters will allow this to happen, but we have to try.
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Ohioralph
Posts: 14
Incept: 2009-06-30
United States
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Marcy Kaptur, my congress critter. Believe me, nothing will come from this.
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Tumblebug
Posts: 430
Incept: 2010-03-04
Oceania
Banned
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Gen, Is Ron Paul sponsoring this? He just introduced a bill that will let us get out of treasuries, Stocks and bonds i lieu of of precious metals in the 401K of the government employees. I Was wondering what you think of that. Look at TSP.gov and tell me what you think if you have time. I would put everything I had into it.
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Leon
Posts: 226
Incept: 2010-10-15
Dominican Republic
Banned
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I strongly believe that GS law is not just “another financial regulation”, but strong Constitutional measure that could spell the difference between US going bankrupt vs. Criminal Banking Cartel going bust. Much more so than “balancing the budget” – in current conditions any cuts to social services would just mean more available loot to members of cartel.
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Genesis
Posts: 130775
Incept: 2007-06-26
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Of course Ron Paul is not sponsoring ANYTHING THAT WOULD ACTUALLY DO ANYTHING.
Like this bill, for instance.
Sponsor: Rep. Marcy Kaptur [D-OH9]
Cosponsors:
Walter Jones [R-NC3]
James Moran [D-VA8]
Mr. Moonbat's name is NOWHERE TO BE FOUND.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Icanhasbailout
Posts: 9939
Incept: 2009-03-10
Imaginationland
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There's got to be something majorly wrong with this legislation or my Congressmoron (James Moron VA-8) would never have co-sponsored it. He's as bought-out a legislator as exists today, just check his record, he's on the wrong side of every fiscal issue for almost 30 years running... ... including having voted for Graham Leach Bliley itself: http://www.govtrack.us/congress/vote.xpd....Seriously, Moran is one of the most corrupt legislators in US history, and if he is sponsoring this there is something built in to protect and probably further assist his trough-feeding sponsors.
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Genesis
Posts: 130775
Incept: 2007-06-26
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Read it Ican - it's only 16 pages. ****, it can't take 'ya THAT long.
I can't find the hook in it.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Tumblebug
Posts: 430
Incept: 2010-03-04
Oceania
Banned
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"Mr. Moonbat's name is NOWHERE TO BE FOUND."
I will call his office, thanks.
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Leon
Posts: 226
Incept: 2010-10-15
Dominican Republic
Banned
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"Gen, Is Ron Paul sponsoring this?"
Ha - he is too busy pushing his diversionary tactic "gold is money".
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Bullionaire
Posts: 2223
Incept: 2007-12-21
Fear The People
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"Anytime a financial company can take your hard earned money and keep it for decades without promising a set return, and even penalize you for early withdrawal it is a con. America has been conned by the whole 401K concept." - Ignorance Is Bliss, from a ZH comment section
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Tumblebug
Posts: 430
Incept: 2010-03-04
Oceania
Banned
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Gen, Just called him, his aid was in a meeting with him, so I was forwarded to his aids voice mail asking if he would sponsor HR 1489, the reintroduction of the Glass-Steagall Act. Waiting for a call back.I told him my favorite economic person Karl Denninger said he would not... Waiting, let you know if I get a call back.
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Genesis
Posts: 130775
Incept: 2007-06-26
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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