Bernie Sanders wants to bring back Glass Sméagol.
Bernie Sanders wants to bring back Glass Sméagol. Absent Minded Comedy original Meme
by Walt Frasier
This is making light of a fairly serious subject. One of Bernie’s big ideas is taking on Wall Street head on like no other candidate. But seriously, is there ever a need to make excuses to post pictures of our favorite character from Lord of the rings. Read more about Bernie Sanders and his view on Glass Steagall
The Glass-Steagall Act came up as a major point of disagreement between Bernie Sanders and Hillary Clinton during Saturday’s Democratic presidential debate. The Act, which was originally enacted in 1933, separated risky trading and investment from traditional banking activities like business lending and consumer finance.
1933. “Anthony Adverse” and “Magnificent Obsession” were topping the bestseller lists. “King Kong” and the Marx Brothers were big at the box office. What does a law passed back then have to do with the 21st century economy?
As it turns out, a lot.
Bernie Sanders wants to implement a new version of the Act, which was repealed in 1999 after having been in effect for more than 75 years. Hillary Clinton, on the other hand, is not calling for its reinstatement.
Sen. Sanders is right. Here are five reasons why it is important to reinstate the Glass-Steagall Act.
- 1. Too-big-to-fail banks are bigger, riskier, and more ungovernable than ever
- 2. The argument that Glass-Steagall didn’t cause the 2008 financial crisis is wrong.
- 3. Repeal of the Act has not worked as promised.
- 4. The repeal of Glass-Steagall is further corrupting the culture of banking – if such a thing is possible.
- 5. Too-big-to-fail banks are a threat to our democracy.