The #dailydose of #GlassSteagall #TBTF #TBTJ and #BigBank Nonsense

#GlassSteagall Act explained http://t.co/JrkCzPwWGz Separation of Commercial&Investment Banking=Separation of Main St & WallSt #End2Big2Fail
— Sarah Reynolds (@Sarah__Reynolds) July 16, 2013

Regulatory Rumpus: The Battle Over Reinstating Glass-Steagall TIME Among the small number of Americans who are passionate about financial regulation, no topic raises hackles more than the so-called Glass-Steagall act. It is “so-called” because when you hear the term “Glass-Steagall” the speaker is most certainly ... See all stories on this topic »

Sen. Elizabeth Warren Pitches 21st Century Glass-Steagall Bill Fox Business You're watching... Sen. Elizabeth Warren Pitches 21st Century Glass-Steagall Bill. Advertisement. Details. Description. Sen. Elizabeth Warren, D-Mass., argues we need to break up big banks. More Info; Share on Facebook; Share on Twitter; Expand Video. See all stories on this topic »

Glass-Steagall would not have stopped the crash Financial Times ... global financial crash. It would have happened even if the Glass-Steagall Act in the US had been maintained in place rather than revoked; nor would the Vickers, Liikanen or Dodd-Frank proposals have made more than a minimal impact on the disaster. See all stories on this topic »

Fed's Tarullo: Glass-Steagall Return Not High on His List Moneynews A U.S. Federal Reserve official on Monday questioned the latest congressional plan to break up big banks, saying it is unclear whether such a move would prevent the next financial crisis. Fed Governor Daniel Tarullo, who has been the agency's point man ... See all stories on this topic »

Delamaide: Make banking boring (and safe) again USA TODAY John McCain of Arizona and two other senators to introduce a 21st-century version of the Glass-Steagall Act that kept banks safe for six decades by separating commercial and investment banking. "Banking should be boring," Warren wrote in a blog post ... See all stories on this topic » @john_dingell @SenWarren @SenJohnMcCain @SenAngusKing @CantwellPress Keep this up and you may #RestoreAmerica — TwistedEconomix (@TwistedEconomix) July 17, 2013

New Glass-Steagall Bill is An Attempt to “Go Back to the Future,” Says Sen. King Yahoo! Finance (blog) King says "this isn't the 'too big to fail' bill" -- the 21st Century Glass-Steagall Act creates a structural change in the banking system that would require big banks to break up into smaller institutions “in terms of functionality, not size ... See all stories on this topic »

Hard Push For New Glass-Steagall Act To Regulate Banks Here And Now Four senators, including Democrat Elizabeth Warren and Republican John McCain are proposing “The 21st Century Glass-Steagall Act” to force Wall Street to separate traditional banking from speculative investment. Under the proposed legislation, banks ... See all stories on this topic »

Economy News: New Glass-Steagall Bill Tries to Go Back to the Future AllMediaNY Massachusetts Democratic Senator Elizabeth Warren is one of four senators who recently introduced the 21st Century Glass-Steagall Act, which, like the original 1933 statute, would separate commercial banking from investment banking in order to reduce ... See all stories on this topic »

Firebreaks are the best way to contain contagion Financial Times Firebreaks are the best way to contain contagion. From Mr Seb Walker. Sir, Your leader (“Split the banks”, July 13) advocates the reintroduction of a Glass-Steagall Act across the globe. Yet this populist approach ignores the fact that many of the ... See all stories on this topic »

VIDEO Collection on #GlassSteagall - The banking legislation to take back America from the banking oligarchy

Watch and learn.  Reach out and talk to people.  Don't be fooled by the red herring stalling tactics bankers have been using for decades.  Things have gotten worse since 2008 - now the Federal Reserve is covering for the bankrupt bankers better than ever before, and NO ONE is AUDITING the Fed.

This is financial socialism.  They privatize the gains and socialize the losses.  It is also theft. Racketeering. Market rigging.  Cartels fixing prices to keep out non-cartel members.  They are creating a stateless corporate behemoth similar to IG Farben of World War II.  They circumvent, break, bend, and ignore our laws while sticking us with austerity, and the loss of liberty.

This is not a left, right, or center issue.  This is an issue for the 99% because the 1% are making the rules.

Top 10 Reasons to Reinstate Glass Steagall

TAKE ACTION NOW - CALL YOUR CONGRESSMAN, CALL YOUR SENATOR, SUPPORT the Return to Prudent Banking Act of 2013.  Learn more here.

@SenWarren asks #Lew: How big do the biggest banks have to get before we consider breaking them up? http://t.co/W3EM5Gn6YS #GlassSteagall
— Glass-Steagall (@howtodoit1) August 27, 2013

The term Glass-Steagall usually refers to the set of rules that kept a savings-and-loan type bank from engaging in speculative, risky training with customers’ deposits. If a bank took deposits, it could not trade in anything other than government bonds; if it underwrote securities or engaged in market-making, it could not take deposits.

The motivation for this separation rested on alleged conflicts of interest. Glass and Steagall, as well as others, accused banks of partnering with affiliates which later sold securities to repay banks’ debts, or accepted loans from banks to buy securities. They also worried that banks engaged in risk-taking speculation, rather than investing in corporations to promote growth.

 Five provisions of the Banking Act pertained to this separation:

• Section 19: Federally chartered banks could not buy or sell securities, unless they were investment securities, government bonds or trades made on behalf of a customer. 
• Section 5(c): Glass-Steagall would also apply to state-chartered banks. 
• Section 20: Banks could not be affiliated with firms whose primary purpose was trading securities. 
• Section 21: If a bank did trade securities, it could not take deposits. 
• Section 32: Officers and directors of commercial banks (banks part of the Federal Reserve System)

Beyond a doubt there are more than 10 reasons to reinstitute Glass-Steagall, the infamous legislation from the 1930's put into place to regulate banks after the horrific abuses of the 1920's and beyond.  But simplicity sake, here are the 10 best reasons I can think.  Send your own to twistedpolitix at gmail when you have a moment.

1. Prevent systemic failures similar to those that occurred during the 2008 crisis by splitting the power and concentration of wealth into many hands
2. Split up the too big to fail and too big to jail banks
3. Prevent the bankruptcy of the FDIC since the next financial crisis will most certainly mean the loss of depositors money
4. Decentralize the wealth, assets liabilities and risk of the Big 5 banks that control 80% of all the assets in the United States
5. Breath life into local economies around the country by opening up new opportunities for local investment and local banking
6. Bring to light the deceptive practices of the Federal Reserve system and their charter members
7. End the deceptive practices of the big investment banks that have created over $700 trillion in derivatives and sold them to unsuspecting investors
8. Decentralize the creation and destruction of the money supply since it is fractional reserve banking that allows banks to lend money into existence.
9. Bring the hundreds of trillions of dollars in derivatives out of the dark and onto exchanges and back to reality. 
10. Eliminate the inherent conflict of interest from the massive banks that circumvent all stte and national laws while corrupting politicians, judges, and government bureaucrats with an infinite supply of money.   

TAKE ACTION NOW - CALL YOUR CONGRESSMAN, CALL YOUR SENATOR, SUPPORT the Return to Prudent Banking Act of 2013.  Learn more here.

No amount of training, compliance or regulation will solve basic conflicts between banking & dealing. You need to separate. #GlassSteagall
— Jim Rickards (@JamesGRickards) July 4, 2012

#GlassSteagall is “absolutely necessary” said @FDICgov board member Thomas Hoenig. http://t.co/buoGXRJn via @BW
— BoldProgressives.org (@BoldProgressive) July 3, 2012

Joseph Stiglitz of the Roosevelt Institute, a Nobel Prize winner, contended:

Commercial banks are not supposed to be high-risk ventures; they are supposed to manage other people’s money very conservatively…Investment banks, on the other hand, have traditionally managed rich people’s money — people who can take bigger risks in order to get bigger returns. When repeal of Glass-Steagall brought investment and commercial banks together, the investment-bank culture came out on top. There was a demand for the kind of high returns that could be obtained only through high leverage and big risk-taking. 

Senators Maria Cantwell (D-WA) and John McCain (R-AZ) advocated the return of Glass-Steagall as well:

So much U.S. taxpayer-backed money is going into speculation in dark markets that it has diverted lending capital from our community banks and small businesses.em) were barred from holding advisory positions in companies whose primary purpose was trading securities.

Remember too big to fail and too big to jail means that the Big 5 banks in this country are ABOVE the LAW!  TAKE ACTION NOW - CALL YOUR CONGRESSMAN, CALL YOUR SENATOR, SUPPORT the Return to Prudent Banking Act of 2013.  Learn more here.

This is not a left or a right issue.  This is COMMON SENSE!

Spend a little time to understand the issue and the it should be clear.

TAKE ACTION NOW - CALL YOUR CONGRESSMAN, CALL YOUR SENATOR, SUPPORT the Return to Prudent Banking Act of 2013.  Learn more here.