Impact-consequences of Glass-Steaglman action

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I would like to hear the opinions of some of the forum regulars regarding the recent activity regarding Glass-Steaglman. It find it freightening. What do you think?

-- RyanCWhite (cw5410@netscape.net), October 23, 1999

Answers

Ryan White lives! So what is the Glass-Steaglman action?

-- (mediadeprived@noTV.AOK), October 23, 1999.

I'm sorry. I posted it incorrectly. It is the Glass-Steagall Act of 1933. It was a law that prevented banks and insurance companies from selling each others products. I believe that it has been repealled and/ or reworked.

-- Ryan C White (cw5410@netscape.net), October 23, 1999.

Yep. Effectivley repealed what the media refer to as "Depression-era banking legislation" and will allow banks, insurance companies, and brokerages to now become one (or two, maybe three) big, happy, RICH organization(s). Now they will indeed be "too big to fail"...

Fun, eh? And you thought they were unresponsive/intrusive/arrogant/[your-favorite-negative-adjective-here ] before. Ha!

Won't it be marvy when your broker knows absolutely everything that your banker knows, and your insurer has access to every last bit of financial info that exists about you?

Those pesky "Depression-era" legislators were just party-poopers, you know.

-- Mac (sneak@lurk.hid), October 23, 1999.


It is most ominous and typical of Clinton.

we are all slaves.

-- Andy (AUVENGER@cs.com), October 23, 1999.


Andy,

I beg to differ. This is something that has been supported primarily by republicans and the banks. Clinton wanted to veto it because they did not want to put in any provisions for privacy.

-- @ (@@@.@), October 23, 1999.



Robert Heinlein saw this coming, in his way. In his novel, Beyond This Horizon, LARGE corporations effectively dominate the world, ALL financial transactions are electronic (cash does not exist), and there are two classes of citizens: those who are armed, and those who are not. Unarmed citizens defer to armed citizens, or die. Any armed citizens are subject to challenge by any other armed citizen. Such challenges are settled by using the weapons.

-- Tom Carey (tomcarey@mindspring.com), October 24, 1999.

Lots of info about this in the New York Times:

Issue in Depth - Banking Reform: Beyond Glass-Steagall

Includes a timeline back to 1933 and several articles. The most recent is:

Midnight Talks Closed Deal on Financial Overhaul

-- Linda (lwmb@psln.com), October 24, 1999.


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