Glass-Steagall Act of 1933 explained by Max Keiser & William Black & Webster Tarpley

[mojorhythm]

Wait a minute Max.....the Gramm-Leach-Bliley act was co-sponsored by three Republicans. It was a Democrat (John Dingell) who first argued against it, saying it would cause banks to become too big to fail.

Moreover, don't say that the Democrats are clueless on finance and markets. They are just as deep in the pockets of the business world as the Republicans. And it is a fucking travesty that they are.

[Tsugua21]

@mojorhythm Dude, Democrats are dumb as hell. I've never met a smart Democrat in my life

[mojorhythm]

@Tsugua21 Democrats are not dumb....they are completely full of shit. There is a difference. They at least accept the scientific consensus on climate change and evolution. They are just faux progressives out to serve the banks like the Republicans. The GOP just makes less of a secret about it.

[capt251978]

@mojorhythm You are correct sir.Both parties are just two different branches of the same party with little more than superficial differances.

[mojorhythm]

@capt251978 Sort of like choosing between Coke and Pepsi.

[dagobaker]

biggest mistake we made was bailing out the banks and the car companies (why bail out gm/chr. if ur just going to go bankrupt anyway?)...............but dont worry.........were going to attempt to do it again........but the dollar will crash and lose its status as the reserve currency

[dagobaker]

both the D and the R are warmongers

[henchman99942]

The Financial Services Modernization Act of 1999 was passed during the 106th congress. The Senate was R 55 to 54 and D 45 to 46 during the 106th congress. The House was R 223 to 222 and D 211 to 210.

[henchman99942]

wiki 106th_United_States_Congress

[jskjtm]

Time to make all of the gamblers (bankers) eat their own losses. Them trying to put all of their derivative debt on the world is despicable. What's even worse is us allowing our government to go along with it. These bankers and the crooked dog turds in government (the vast majority) need to go to prison for life. Say what you want about the Chinese, but one or two executions later and they don't have these problems. We have too many people worrying about PC, while the world is going to shit.

[jjenson2006]

If government didn't guarantee loans, we wouldn't need glass-steagall.

Banks would be very careful how they lend out money if they knew they would take the loss if the borrower didn't pay. In true free markets, there are no government guarantees. If you become insolvent, you are finished....PERIOD!!!

[stephenrblv]

Once you break the wall, you get your hands in the back pockets of the taxpayer. When your bad bets blow-up, no sweat, the taxpayers have you covered. They can't lose. Guess what? nothing material has been done to fix this. The only difference now is they have milked the taxpayers so now they have to milk the savers who still have means. 1% interest rates plays the same role as a bailout ongoing.

[navasink24]

BERNACKE SOUNDS LIKE FOREST GUMP ANWSERING THE QUESTION IF HE THOUGHT THE REPEAL OF THE GLASS-STEAGALL ACT WAS A TRAGIC MISTAKE.......STUPID IS ,HAS STUPID DOES.

[jjason23296]

Lol. The financial modernization act of 1999 otherwise known as the gramm leach bliley act of 1999 was introduced and written by republicans and cleared a republican house with no objections and all republican senators except 2 voted on it and all democrats voted on it except for about 8. Interestingly senator John McCain didn't cast a vote lol wondery why? I have no idea because when the glass steagall repeal legislation was voted on almost every one was for it.

[Threeshammy]

Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act, named after its co-sponsors Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia).

What do the R's after the people's name mean? Are those the people who know better?

[mojorhythm]

@Threeshammy That's right. Sometimes Max Keiser makes no sense....

[AroundSun]

If the government didn't have deposit insurance, then they wouldn't have to regulate the banks. We need a free market in banking not a federal reserve system. That is where the problem lies and there isn't a shred of evidence to disprove that

[JSprayaEntertainment]

they go down we stay up ...

this means don't quit your day job , and even with no money in circulation . we will all have food on the table

[DEEPGNOSTIC]

Glass Steagall only removed half of the regulation but left the other half. The purpose of the FDIC was to prepare the way for brokerage houses to reinvest huge blocks of capital at high interest rates virtually without any risk. It was insured by the gov't anyway. This is what happens when gov't interferes with the free market.

[DEEPGNOSTIC]

All this blame talking about dems & repubs is meaningless. The real culprit is the implementation of the FDIC in the first place. The reason there were restrictions on banks who were FDIC insured was because the gov't decided to insure the deposits in the fist place. Once the Gov't insured the deposits they knew they were removing the market discipline that was already there. Once the discipline was removed congress had to supply its own regulation.

[BigMillRip]

Commercial Banks & Investment Banks should never ever ever ever meet.

Upholding this basic but important separation will protect the economy from financial collapse.

[Zamolxx]

It prevent the creation of the so called to big to fail banks, it promotes credit cooperatives, community banks, regional banks and medium banks. All the statistics show that the big and giant banks rip off customers. Anyway investment banks don't need deposits to acquire capital. If every country would separate commercial banking from investment banking, then the horrible effects of financial globalization would be annulled. We need GS, a new Bretoon Woods and NAWAPA for humanity!

[betty85260]

Glass-Steagall H.R.1489 NOW!~~~~~Illegal debt gone!

Remove Soetoro/Obama NOW! The 25th amendment section 4 was written to remove a sitting president USE IT!~~~Obama gone!

[betty85260]

Glass-Steagall H.R.1489 NOW!~~~~~Illegal debt gone!

Remove Soetoro/Obama NOW! The 25th amendment section4 was written to remove a sitting president USE IT!~~~Obama gone!

[Tweekerhead]

The Financial Modernization Act 1999 or better known as the Gramm,Leach,Bliley Act, those are all Repubs' names on that bill that Clinton signed moron, they're all the same. Sorry to burst your Repub' cheerleader bubble.

Go vote for Palin like the rest of the lemmings.

[sloperdude]

Phil Gramm, Jim Leach and Thomas Bliley, all Republicans, introduced the bill. Gramm was the biggest champion of deregulation in the entire government. I don't buy the argument that Democrats don't understand banking as well as Republicans. After all, FDR, Carter Glass, Henry Steagall and Ferdinand Pecora were all Democrats. Clinton was a "New Democrat," i.e. a moderate Republican. He also signed legislation limiting welfare. Now Obama is Clinton's political heir. (cont.)

[sloperdude]

(cont.) Now it looks like Obama, another "New Democrat" that suckered Democratic voters into thinking that he was a progressive, bailed out Wall Street after the 2008 crash without holding anyone responsible or making them pay for their fraud. His program to help struggling homeowners stuck with toxic Wall Street mortgages has hardly spent any of its funds two years later, and Obama seems poised to slash Medicare and Social Security to pay off the debt incurred by Wall Street. (cont.)

[sloperdude]

In return for this epic betrayal, Obama hopes to get the debt ceiling raised FOR SIX MONTHS! Now I used to think that Obama was just a colossally bad negotiator, but after all, the "bipartisan" Simpson-Bowles catfood commission was HIS idea, and he refuses to agree to any plan to raise the debt ceiling that doesn't involve a "bipartisan" agreement. He's ruled out using the 14th Amendment to pay America's bills that were racked up during the profligate Bush II administration, (cont.)

[sloperdude]

including the crash that happened near the end of Bush's watch. Obama also doubled down on the amount of debt reduction the Tea Party Republicans wanted, asking for far less than his additional debt reduction in tax increases. Obama isn't even a moderate Republican, he's a true Republican. Why should Democrats vote to re-elect a president that is worse than the Republicans? Bush wasn't able to touch Social Security when he wanted to privatize it, just as Republicans weren't able to (cont.)

[sloperdude]

(cont.) repeal Glass-Steagal and deregulate derivatives until Clinton came along.

Progressives and real Democrats have a president from their party that doesn't represent them, and very few in Congress that do.

[triflind]

the correct narrative would be that both parties are to blame and are too mobbed up with these banksters and corporations.they have successfully created this false dichotomy so idiots spend all their time focused on whos at fault libs or cons. Fools.

[witecracker2]

why call the federal reserve feds???? so misleading. OH@!!! i get it.....private crooks ripping of everyone but themselves,... i wonder about that too....

[MisterAvis]

I sure hope that if a Glass-Steagall reform does come around that the soviergn debt aspects make it into the legislation. Kuz every red cent that the Federal Reserve is printing goes straight to the same crooks that orchestrated the global economic collapse. Put all the debts to the test, declare 99.999% of them illegal, Nationalize the FED, audit it out of existence, and throw the crooks behind bars. Happy days are here again.

[AwakenFromTheSlumber]

Not only would it be a good idea to bring back Glass-Steagle, the next thing is for Congress to nationalise the Federal Reserve System outright, there can be no privatisation of a National Banking System, after that a dismantling of the deriviatives zombie banks like JP Morgon and Goldman Saches, with maybe a few jail sentences for the swindlers, next step Nationalisation of the remaining Banks, as of the 2007-2010 the era of private banking is over.

[wjksea]

So is he hiding out in socialist France after he's pooped on the U.S. in his own right?

[IcedEarth426]

"The screaming hyenas of Wall St." hahaha

[69erstud]

Learn your history and economics. I would be less likely to vote for a Republican. IF Max (that is the biggest IF) is correct that the Rep's know more about economics than Dem's, how is it that Democrat administrations have economically outperformed Republicans even without Clinton. Could it be that by knowing economics, the corrupt Republicans favors the rich at the expense of the poor?  Last, unless you are sure that either Rep or Dem is the most honest candidate, vote for another candidate.

[TimTrimT]

@ Video commentator Max Keiser: It's not fair to say Glass Steagall was repealed by Democrats when 3 Republicans sponsored the new act into law. Clinton signed but it was a tag team play.

This disaster is BI PARTISAN and if you're a fan of either red or blue then you are as gullible as the politicians who play the game.

The answer lies in neither party - they are both culprit. The 2 party system is fundamentally dysfunctional. Woe be to those who try in futility to save it.

[jmjfanss]

@TimTrimT

God that right.

[sanpedrohustler]

Yeah...Glass/steagall act was put in place after the great depression,to keep "that" from happening again. I wonder what "they'll" do after "our" current impending collapse?!!!

[nyvingen]

With or without Glass-Steagall,it's still the land of OZ.They always had the edge in their private inside-rigged shop.

[DaveIrie]

You know this guy William Black was also interviewed in Michael Moore's documentary 'Capitalism'. I'm not sure if Alex Jones realizes he's actually taking the 'progressive' position here, 'free market' advocates say that the repeal was good.

[SocialDemocracyFTW]

Isn't that guy the parrot from "Aladin"

[paulgrim96]

The Tea Party is nothing but Republicans who are now ashamed to be called Republicans. This is being ram-roded by Palin, Beck, Limbaugh, Hannity and Fox News. Does anybody really believe these are not Republicans. Yes, there are plenty of Democrats to blame too, but the ideology to blame is conservatism. The ideology of deregulation.

[AProbableAnomaly]

Tea Parties are non partisan!

92 percent of Senate voted for repeal. Clinton signed it into law under advisory of chairman Greenspan / Ruban (of Goldman Sachs, and afterwords Citigroup)

nancy pelosi, chris dodd, etc, they're all responsible for this.

Since 1933 banks had to choose simple banking or a brokerage. Banks, if you want to gamble go to vegas, GlassStegal was put in place after depression as safeguard.This is 'freedom' for bankers, not you and me. They take risks, taxpayers on hook.

[Z28x]

Max is incorrect. The repeal of Glass-Steagall Act was under the Republican Congress. "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 5444 vote in the Senate"

[ThisJustin123]

@Z28x --Max was misleading on purpose..to rewrite history.

[wjksea]

@Z28x I'm disappointed. Max is a big mouth that seems like a snake salesman but I did listen to him till he displayed this erroneous partisan BS... Broke my trust.

[jhunted7667]

@Z28x they should have enhanced Glass- Steagall to make illegal high speed trading and provide for a 2 day waiting period from the time a stock is bought to the time it could be sold, that would put an end to the monkie business that has been going on

[solkacorot]

@jhunted7667 damn your smart, great idea bro.

[Edgehead10075]

Who signed it? Answer: Bill Clinton, DEMOCRAT.

[Z28x]

@Edgehead10075 It was passed with a veto proof majority.  It didn't matter if Clinton signed it or not. Clinton essentially had no say.

[Edgehead10075]

I've never heard of a President signing a bill for that reason. If the President is against the bill, he still vetoes it. Clinton still defends his decision to sign the bill into law.

[Edgehead10075]

Clinton defends his decision to sign the bill. You can easily google that. Even with a veto proof majority, a President will veto a bill that he disagrees with. An example of that was Truman vetoing Taft-Hartley, despite having a veto proof majority opposing him. You're incorrect.

[jyoung0000]

@Edgehead10075 Republicans introduced the bill. Your biased, but it is honest I know, I thought the same thing until I found out they introduced it. Glass Steagall Act, look it up on Wikipedia.

[Edgehead10075]

You're misunderstanding me, so I'll explain. I AGREE with the fact that the bill was passed. I give Clinton credit for signing it. The Republicans introduced it, but Clinton signed it and still defends his decision to this day. I agree with both the GOP and Clinton on this. The recession is because of the Federal Reserve, not deregulation.

[jyoung0000]

@Edgehead10075 The recession is because of the repeal of the bill! The Glass Steagall Act was created to prevent another Great Depression!

[Edgehead10075]

You've been brainwashed by the libs into thinking that it was "free market capitalism" that led to the Great Depression.

Why didn't we have a Great Depression before the fed came into existence?

[jyoung0000]

@Edgehead10075 You think i'm a liberal? What kind of liberal? I know about the Fed, but do you see anything stopping them? I say we need the bill back in place, it is better than nothing!

[jyoung0000]

You think i'm a liberal? What kind of liberal? Sounds like your brainwashed by the right! Tell me, what is the difference who's puppet you are? I know about the the Federal Reserve, but do you see anybody doing anything about it or able to? I think we should get that bill back because it is better than nothing and letting corporations wreck the economy don't you think? What do you think this video is about? 

[shishkabobby]

@Edgehead10075 What are you talking about, go read about the series of Panics that plagued the US economy before the Great Depression. Just before the Panic 1907, my ancestors moved from Iowa with a bank check from the sale of their farm, they arrived in North Dakota. When they tried to buy a farm, the found that the bank that issued the check went bankrupt. Can you guess why they supported FDR a generation later? Anyhow, there was a series of significant panics in US history.

[Edgehead10075]

They were panics but not depressions. That's just the business cycle.

I never said that everything FDR did was bad. I support the FDIC and Social Security.

[Edgehead10075]

Clinton defends signing the bill. It doesn't matter if the GOP introduced it. Nobody could force Clinton against his will to sign it.

[gz1234z]

@Z28x You are right and they need to re institute it.

[maxime32]

@Z28x

Ok, Senate dems almost all voted against repeal of Glass-Steagall, but by 38-7 voted for Gramm-Leach-Bliley. Most House dems voted both for repeal (about 60% of them) and for GLBA (75%).

[2020starman]

@Z28x How funny Clinton signed the bill made it law.He didn't even bother to veto it..You fail

[shishkabobby]

@2020starman So your attack of the Democrat is that he was stupid enough to go along with the Republicans? Suddenly, Kucinich seems like the only friend of the common man in Washington.

[2020starman]

@shishkabobby The destruction of America is clearly bipartisan ..At this point Ron Paul looks good to me

[Tweekerhead]

Gramm,Leach Biley act is what killed the glass steagall ...all those guys are Republicans....Phill Gramms thinks we're just a bunch a whiners......Dem's Repubs' ...all the same Rah rah go team

[KrishnasLittleHelper]

@Tweekerhead still but more democrats voted to repeal it dumbass, thats the point he was making.

[davetileguy]

@Tweekerhead Clinton signed it

[Tweekerhead]

@davetileguy Yup, and Gramm, Leach, Bliley are all Republicans, so?

[davetileguy]

@Tweekerhead Their all guilty,the Dems more so ,Barney Frank Chris Dodd ran the banking committee ,Bush warned congress 19 times.

[Tweekerhead]

@davetileguy Yeah sure, and the names on the bill, Gramm,Leach, Bliley? Phil Gramm says we're a nation full of whiners.

I wonder why with guys like him in office?

[Tweekerhead]

@davetileguy Oh and don't forget, Hank Paulson, Bush's sec. of treasury. former CEO of Goldman Sachs.

No connection there....MmmMmm

[kimberHD45]

@Tweekerhead ...The repeal of the Glass-Steagall Act was led by Democrats, R. Reuben (D) and Pres. W. Clinton (D) led the charge to deregulate the banks. Liberal Republicans like Gramm followed that lead to support it.

[staIkervisions]

@kimberHD45 Oh so that's why it's called the Gramm Leach Bliley Act(all Republicans)

Go team...Rah Rah rah...

[kimberHD45]

@staIkervisions ..it sounds like you need to do a little more research.

[staIkervisions]

@kimberHD45 Sound like you need to stop watching Fox News. Or do you like being manipulated like the rest of the gullible masses in America?

[kimberHD45]

@staIkervisions I don't watch Fox news much, unless they have a guest I like or I want to get a forecast...which doesn't support your implication. Back to the point, Clinton and Rueben DIDN'T push for the repeal??? I'm pretty sure that's a fact of history...so, who's manipulating???

[staIkervisions]

@kimberHD45 The 1999 Financial Mod. Act was called the Gramm, Leach, Bliley Act.

Tweekerhead's right, they're all on the same side, the line my pockets side.

Wake up dude....Stop watching fair & balanced. LOL

[kimberHD45]

@staIkervisions ...I'm not contradicting the fact that GLB were Repub's, I'm simplying saying this was voted in by majorities of both Repub's and Dem's in the House...Treasurer Rubin(D) pushed for it, and President Bill Clinton (D), signed it into law. This wasn't a Republican idea the Democrats didn't like, both aisles thought it would stimulate competition, both were wrong.

[staIkervisions]

@kimberHD45 I agree with you then...:-))

[staIkervisions]

@kimberHD45 Funny that Glass And Steagall were Dems'.

The Repub's aren't the party of Lincoln anymore either.

[Salvysahagun]

@staIkervisions

You proabally don't even understand Lincoln.

[staIkervisions]

@Salvysahagun Sure..

[Salvysahagun]

@staIkervisions

Idk he favored Production as he opposed consumerism

[dagobaker]

@Salvysahagun lincoln wanted war so he could destory states rights.......all they had to do was have the govt issue bonds to the slave owner and free them...........england freed the slaves that way and not a drop of blood was shed

dont always believe what the mainstream education system tells (its why they want unconstitutional federal education programs)

[Salvysahagun]

@dagobaker

The South attacked Fort Sumter 1st. The only the reason Austrians hat Lincoln is because they think "their" economics System is that of the Founders. When Hamiltons American System is what built America not that Anarcho Capitalist crap. Its really more like Jefferson but even Jeffersons Presidency was VERY Hamiltonian. Emabrgo Act, Louisanna, West Point. the works.

Might I add I actually read Lincoln. I don't recall Ron Paul giving a speech that made reporters forget to take notes

[dagobaker]

@Salvysahagun fort sumter is in the south........

if u want to see when the dollar went down u look at LBJ with his war in vietnam and his welfare state and Nixon going off the gold standard with more war and more welfare and the war on drugs

the point is the only country that needed civil war to end slavery was lincoln.......and L said that his #1 job WASNT to free the slaves but yet thats what he attempted to do

[Salvysahagun]

@dagobaker

A Union base in the south.

Yes when America abandoned American System principles for Keynsian Welfare the dollar collapsed. Lincoln's idea's are what created the gilded age boom. not British free markets.

[dagobaker]

@Salvysahagun union base in the south?.........lol cant b a union base in the south until after the war was over

and it was lincoln that created in the "greenback".......and led us to this horrible idea of fiat money...........so honest abe brought us 600k american deaths and fake money

[Salvysahagun]

@dagobaker

Just like Benjiman Franklin?

[watertonrivers]

@dagobaker You are right about ol' Honest Abe and there's more; He was responsible for the largest mass execution in American history when he ordered the hanging of 38 Sioux Indian prisoners who were guilty of nothing!!

[dagobaker]

@staIkervisions both parties are.... NEOcon or NEOlib.....................Ron Paul 2012

[MartinusThomsen]

check

martinus . nu

oletherkelsen . dk

mathildenhoehe . org

[NowisEvollovetion]

The greedy bastards ALWAYS want more.

[Writious]

watch - What Caused the Stock Market Collapse Sept-Oct 2008:

v=w-zmNJqP9Fs (very short - 0:2:23)

Watch WAMUed Nation

v=NxGBwExQDdU