5 ms·

Why is this posted here? If this were a well-reasoned, thoughtful and thorough discussion of the Glass-Steagall Act, that might be interesting. Too bad this isn

Why is this posted here? If this were a well-reasoned, thoughtful and thorough discussion of the Glass-Steagall Act, that might be interesting. Too bad this isn't. The original poster's understanding of economic and financial history is extremely poor, almost juvenile. For example, s/he does not mention the Federal Reserve at all and the role it played both during the Great Depression up and the run-up in asset prices we've seen over the last 25 years.

CrazyPyroLinux 5y ago
Agreed. For something like you describe, check out "Meltdown" by Tom Woods (2009)
notch656a 5y ago
The corruption and interlocking temptation by treasury, fed, and congress are a function of the system they operate within. Having a federally controlled fiat with an exclusive legally priveleged position introduces extreme temptation to manipulate this supply as a form of indirect taxation on the populace. Imagine giving a small group of people a big pile of cocaine, and asking them to please promise to distribute it with all prudence and honor. I don't even blame them for what happens, it's practically inevitable the way it is set up. The fed hasn't failed us because they're bad people, they've failed us because the people operating our government, although typically good people, are human and have been given the stash and the systemic temptation they face is overwhelming. It's hard to imagine an end to asset price inflation is in sight.
consumer451 5y ago
> Why is this posted here? If this were a well-reasoned, thoughtful and thorough discussion of the Glass-Steagall Act, that might be interesting. OP here [1], I posted it with the hope of see the ensuing discussion. I sometimes post things I don't exactly endorse. The point is leveraging HN users' brains to educate myself and hopefully everyone else. This is a topic that needs discussion. Maybe this is along the lines of the joke "The best way to get the correct answer to a tech question is to post an incorrect answer in an online forum." > Too bad this isn't. Yes probably, could you point me to a better argument against the repeal? [1] I posted the reddit comment here, not OP of reddit post

CrazyPyroLinux 5y ago

Agreed. For something like you describe, check out "Meltdown" by Tom Woods (2009)

notch656a 5y ago

The corruption and interlocking temptation by treasury, fed, and congress are a function of the system they operate within. Having a federally controlled fiat with an exclusive legally priveleged position introduces extreme temptation to manipulate this supply as a form of indirect taxation on the populace. Imagine giving a small group of people a big pile of cocaine, and asking them to please promise to distribute it with all prudence and honor. I don't even blame them for what happens, it's practically inevitable the way it is set up. The fed hasn't failed us because they're bad people, they've failed us because the people operating our government, although typically good people, are human and have been given the stash and the systemic temptation they face is overwhelming. It's hard to imagine an end to asset price inflation is in sight.

consumer451 5y ago

> Why is this posted here? If this were a well-reasoned, thoughtful and thorough discussion of the Glass-Steagall Act, that might be interesting. OP here [1], I posted it with the hope of see the ensuing discussion. I sometimes post things I don't exactly endorse. The point is leveraging HN users' brains to educate myself and hopefully everyone else. This is a topic that needs discussion. Maybe this is along the lines of the joke "The best way to get the correct answer to a tech question is to post an incorrect answer in an online forum." > Too bad this isn't. Yes probably, could you point me to a better argument against the repeal? [1] I posted the reddit comment here, not OP of reddit post