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Articles like this glorifying failure and those who profit from it, is exactly why the Glass-Steagall Act needs to come back so people aren't sitting around bet

Articles like this glorifying failure and those who profit from it, is exactly why the Glass-Steagall Act needs to come back so people aren't sitting around betting on other people's failures. I hope they lose all their money.

JumpCrisscross 6y ago
> why the Glass-Steagle Act needs to come back so people aren't sitting around betting on other people's failures None of this would have been affected by Glass-Steagall, which dealt with separating commercial and investment banking [1]. [1] https://en.wikipedia.org/wiki/Glass–Steagall_legislation https://en.wikipedia.org/wiki/Glass–Steagall_legislation
- joe_momma 6y ago
  The idea of lending money just so you can profit from its failure is caused by the affiliations between commercial and investment banks.
  - JumpCrisscross 6y ago
    > lending money just so you can profit from its failure is caused by the affiliations between commercial and investment banks Not really. Most lenders into this mess never made a dime on the shorting. And most of the shorts’ beneficiaries never loaned a penny. Short selling pre-dates Glass-Steagall. Credit default swaps predate Gramm-Leach-Bliley.
    - joe_momma 6y ago
      "research suggests similarities between the lax way that home loans were signed in the run-up to the last crisis and the underwriting of many retail mortgages" https://www.nytimes.com/2020/08/24/business/mall-short-hedge-funds.html https://www.nytimes.com/2020/08/24/business/mall-short-hedge... And those home loans were allowed because Glass-Steagall was removed, is it wrong to think that although short selling has been around it has been exacerbated by the removal of Glass-Stegall into things like people's homes/livelihood and not just stocks?
gorjusborg 6y ago
Up up up up up! Right?! RIGHT?!!
eru 6y ago
I guess you don't like bubbles either? Short selling is our best defense against bubbles.
- joe_momma 6y ago
  No i don't like vultures

JumpCrisscross 6y ago

> why the Glass-Steagle Act needs to come back so people aren't sitting around betting on other people's failures None of this would have been affected by Glass-Steagall, which dealt with separating commercial and investment banking [1]. [1] https://en.wikipedia.org/wiki/Glass–Steagall_legislation https://en.wikipedia.org/wiki/Glass–Steagall_legislation

joe_momma 6y ago
The idea of lending money just so you can profit from its failure is caused by the affiliations between commercial and investment banks.
- JumpCrisscross 6y ago
  > lending money just so you can profit from its failure is caused by the affiliations between commercial and investment banks Not really. Most lenders into this mess never made a dime on the shorting. And most of the shorts’ beneficiaries never loaned a penny. Short selling pre-dates Glass-Steagall. Credit default swaps predate Gramm-Leach-Bliley.
  - joe_momma 6y ago
    "research suggests similarities between the lax way that home loans were signed in the run-up to the last crisis and the underwriting of many retail mortgages" https://www.nytimes.com/2020/08/24/business/mall-short-hedge-funds.html https://www.nytimes.com/2020/08/24/business/mall-short-hedge... And those home loans were allowed because Glass-Steagall was removed, is it wrong to think that although short selling has been around it has been exacerbated by the removal of Glass-Stegall into things like people's homes/livelihood and not just stocks?

gorjusborg 6y ago

Up up up up up! Right?! RIGHT?!!

eru 6y ago

I guess you don't like bubbles either? Short selling is our best defense against bubbles.

joe_momma 6y ago
No i don't like vultures