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Do we know who canceled Glass–Steagall? And after it was removed, how much tax payers paid to GS and such in '08, what was the rough figure?
by puppetmaster3 10y ago
Do we know who canceled Glass–Steagall?
And after it was removed, how much tax payers paid to GS and such in '08, what was the rough figure?
- JumpCrisscross 10y agoThe Gramm-Leach-Bliley Act of 1999 repealed Glass-Steagall [1], in part to make a merger between Citicorp (a bank) and Travelers Group (an insurance company) legal. Goldman Sachs did not win from it. They were on the "protected" side of Glass-Steagall's wall. Fees went down after JPMorgan and friends were allowed to throw their balance sheet around. [1] https://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act https://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
- puppetmaster3 10y agoThe point is Clinton canceled it. ( https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legislation#Decline_and_repeal https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legisla... ) And the answer is: over $7 trillion. https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 https://en.wikipedia.org/wiki/Emergency_Economic_Stabilizati... So yeah, $200k.
- JumpCrisscross 10y ago> And the answer is: over $7 trillion. Only if you include monetary policy, directed by a Federal Reserve chairman appointed by George W. Bush, the same man who signed into law the bailout programme. Goldman Sachs was far from the chief recipient of those funds and had to pay back the bail-out funds (at a profit to the U.S. government).
- puppetmaster3 10y agoI gave a link with data that adds it up and how they added it up. You just gave your opinion.