Hank Paulsen who used to work for Bush43 wanted to give the Banks 750 billion in fourth quarter 2008 to fix the banking crisis. How soon you forget. Obama saved 1000 "troubled assets" by giving them 600 Billion, AIG received a record 225 billion Tarp loan. Moody's restored the USA credit rating back to a "AAA" in 2014, about one year after the tax rate percentage in 7th bracket went back to 39%. You're a joke son and you don't know what you are talking about.
Originally Posted by adav8s28
speaking of knowing what you are talking about ... who lit the fuse to the banking crisis?
Butt u knew that,
right???
Glass–Steagall "repeal" and the financial crisis
Robert Kuttner,
Joseph Stiglitz,
Elizabeth Warren, Robert Weissman,
Richard D. Wolff and others have tied Glass–Steagall repeal to the
late-2000s financial crisis. Kuttner acknowledged "de facto inroads" before Glass–Steagall "repeal"
but argued the GLBA's "repeal" had permitted "super-banks" to "re-enact the same kinds of structural conflicts of interest that were endemic in the 1920s," which he characterized as "lending to speculators, packaging and securitizing credits and then selling them off, wholesale or retail, and extracting fees at every step along the way."
[44] Stiglitz argued "the most important consequence of Glass–Steagall repeal" was in changing the culture of commercial banking so that the "bigger risk" culture of investment banking "came out on top."
[45] He also argued the GLBA "created ever larger banks that were too big to be allowed to fail," which "provided incentives for excessive risk taking."
[46] Warren explained Glass–Steagall had kept banks from doing "crazy things." She credited FDIC insurance, the Glass–Steagall separation of investment banking, and SEC regulations as providing "50 years without a crisis" and argued that crises returned in the 1980s with the "pulling away of the threads" of regulation.
[47] Weissman agrees with Stiglitz that the "most important effect" of Glass–Steagall "repeal" was to "change the culture of commercial banking to emulate Wall Street's high-risk speculative betting approach."
[48]
https://en.wikipedia.org/wiki/Afterm...93Steagall_Act