{"id":1410,"date":"2011-10-12T16:07:55","date_gmt":"2011-10-12T20:07:55","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/2011\/10\/reinstating-glass-steagall.html"},"modified":"2011-10-12T16:07:55","modified_gmt":"2011-10-12T20:07:55","slug":"reinstating-glass-steagall","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2011\/10\/reinstating-glass-steagall.html","title":{"rendered":"Reinstating Glass-Steagall"},"content":{"rendered":"Reinstating Glass-Steagall appears to be a very popular possibility,\nalthough all I can find is\n<a href=\"http:\/\/www.housingpredictor.com\/2011\/glass-steagall-poll.html\">\nan unscientific online poll (87% for).<\/a>\nYou may wonder: what is Glass-Steagall?\n<p>\nHere are extracts from a timeline by PBS&#8217;s Frontline,\n<a href=\"http:\/\/www.pbs.org\/wgbh\/pages\/frontline\/shows\/wallstreet\/weill\/demise.html\">\nThe Long Demise of Glass-Steagall<\/a>,\n<blockquote>\n<a href=\"http:\/\/www.businesshistory.com\/ws_genl._history.php\">\n<img loading=\"lazy\" decoding=\"async\" style=\"float:right;border:none;\"   width=\"194\" height=\"163\" src=\"http:\/\/www.finfacts.ie\/artman\/uploads\/2\/Roosevelt_sept212008.JPG\"><\/a>\n&#8220;In 1933, Senator Carter Glass (D-Va.) and Congressman Henry Steagall\n(D-Ala.) introduce the historic legislation that bears their name,\nseeking to limit the conflicts of interest created when commercial\nbanks are permitted to underwrite stocks or bonds. In the early part\nof the century, individual investors were seriously hurt by banks whose\noverriding interest was promoting stocks of interest and benefit to the\nbanks, rather than to individual investors. The new law bans commercial\nbanks from underwriting securities, forcing banks to choose between being\na simple lender or an underwriter (brokerage). The act also establishes\nthe Federal Deposit Insurance Corporation (FDIC), insuring bank deposits,\nand strengthens the Federal Reserve&#8217;s control over credit.&#8221;\n<\/blockquote>\n66 years later, after numerous weakenings:\n\n<!--more-->\n<blockquote>\n&#8220;Oct.-Nov. 1999 Congress passes Financial Services Modernization Act\nAfter 12 attempts in 25 years, Congress finally repeals Glass-Steagall,\nrewarding financial companies for more than 20 years and $300 million\nworth of lobbying efforts. Supporters hail the change as the long-overdue\ndemise of a Depression-era relic.&#8221;\n<\/blockquote>\n<p>\n-jsq\n","protected":false},"excerpt":{"rendered":"Reinstating Glass-Steagall appears to be a very popular possibility, although all I can find is an unscientific online poll (87% for). You may wonder: what is Glass-Steagall? Here are extracts from a timeline by PBS&#8217;s Frontline, The Long Demise of Glass-Steagall, &#8220;In 1933, Senator Carter Glass (D-Va.) and Congressman Henry Steagall (D-Ala.) introduce the historic [&hellip;]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[97,14,2,19],"tags":[8704,3655,8709],"class_list":["post-1410","post","type-post","status-publish","format-standard","hentry","category-activism","category-economy","category-government","category-history","tag-economy","tag-glass-steagall","tag-history"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-mK","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/1410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/comments?post=1410"}],"version-history":[{"count":0,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/1410\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=1410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=1410"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=1410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}