Apr 03, 2022
In General Discussions
And despite hard lessons once email list again learned, little was done by congress to restore public confidence and to reinstall safeguards or re-in act the Glass-Steagall Act. email list The lobbying pressure is just too much to overcome. Just like before the crash of 1929, again, there is no firewall between the major banks and investment email list firms and with little federal oversight. It's a house of cards ready to fall once again email list. However, Noble Prize Winner, Joseph Stiglitz of the Roosevelt Institute, had this to say: "Commercial banks are not supposed to be high-risk ventures; they are supposed to manage email list other people's money very conservatively. Investment banks, on the other hand, have traditionally managed rich people's money - people email list who can take bigger risks in order to get bigger returns." The truth was that when the email list Glass-Steagall Act was repealed, it brought investment and commercial banks together for a profitable outcome. There was indeed a market for this style of high returns that required risk taking and high leverage. While some believe email list that repealing the GSA was a contributing factor of the 2008s financial crisis, one can't help but wonder if the agency was actually hindering the competitive email list advantages of financial firms.