Too Big to Fail?

In a speech on the Floor of the House of Representatives in 1999, Congressman Dingell warns against repealing the Glass-Steagall Act of 1933. He argues that repealing the law would allow banks to become "too big to fail," which would cause instability in financial system. Nonetheless, Congress repealed the law and the nation suffered the tragic consequences of the 2008 financial crisis about a decade later.

Category:

Sports

Tags:

• glass-steagall
• dingell
• repeal
• financial crisis
• big banks
• wall street
• bailout
• bailouts
• tarp
• main street

[J450]

he called it

[SagerRagerRazorSharp]

Repeal the Graham-Leach-Bliley Act! REINSTATE GLASS-STEAGALL! WE ARE THE 99%

[josephc28]

Yes, they need to reinstate it. Anytime a bank or insurance company is too big to fail, it's too big, period. That's the very reason why Glass-Steagal was passed in the first place. The banking and insurance companies lobbied for years to get Glass-Steagal repealed. So over the years, the Congress systematically dismantled the law. Even now, in their so called reforms, they have a "too big to fail" clause. In other words, they practically guarantee to bail out certain large banks if they fall.

[3141592654ify]

FOSTERS. good call.

[gurgle7171]

@Grundalizer still a Congressman; longest serving

[k3w1b3an5]

Hammer meet nail.

[MrSalimMilas]

When he delivered this warning-speech his father (Sr.) + himself had been Congressman for the same district for 66 years! A lot of experience? ! Someone who knows what he is talking about! So, he has tried to preserve the legacy of FDR through all these years... (at least the Glass-Steagall part) Interesting...

I wonder if he is stuck in a corner, or if there are many others in Congress like him? Wait. I just answered that question myself. We wouldn't be in this mess if there others like him.

[OrganicSoundProd]

Nail on the head

[JKidder18]

banks need to be part of checks and balances or apart of the government somehow. at the least banks need more regulation to protect the american citizens from an unfree life of debt. people cant even start their live without debt but now its debt you cant even afford.

[vamwolf]

yeap. person said once when you let laws go that simple state you have to have rules about certain things(clean machines nightly when processing food) etc and tell them you dont have to anymore. they will do it in a heart beat

[uncahay]

@GEERUP While I agree with that statement, Jefferson didn't make it. It was Noam Chomsky, in a book from 1994 I think, talking about what he thought Jefferson might think about modern banking. Still, it's probably something Jefferson would agree with too, since he hated centralized banks.

[ma894]

Will we ever learn...