Glass-Steagall's Renewal After 1999 Repeal Considered by House, Hoyer Says

[Purveyor]

Source: Bloomberg

By James Rowley

Dec. 15 (Bloomberg) -- The U.S. House is considering reinstituting the Depression-era Glass-Steagall Act, which barred bank holding companies from owning other financial companies, Majority Leader Steny Hoyer said today.

A renewal of the 1933 law “is certainly under discussion” by House members, Hoyer, a Maryland Democrat, told reporters in Washington. The Glass-Steagall law was repealed in 1999.

Hoyer made the comments when asked whether Congress and the Obama administration could do more to persuade banks to make more business loans to get credit flowing into the economy.

“As someone who voted to repeal Glass-Steagall, maybe that was a mistake,” Hoyer told reporters.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=arMrSVjq4cts&pos=3

[MinneapolisMatt]

1. Yeah right.

I'll believe it when I see it.

[salguine]

18. Seriously. The only way they'd renew it would be if it was riddled with so many

loopholes in it that it'd be like not renewing it. And then they'd crow about having done something.

[MilesColtrane]

2. "maybe that was a mistake"

Yaaaah, think!?

[Sebastian Doyle]

3. Hoyer wants to renew Glass Steagal?

The same Steny Hoyer who never met a bankster enabling bill that he didn't like??

This is like that South Park episode where the "evil" Cartman comes through the wormhole from an alternative universe.

[optimator]

4. hahahaha

no chance of that ever happening with this group of corrupt shit heads.

[DJ13]

5. Sorry, but I no longer believe anything Congressional Dems say

[chimpymustgo]

17. Exactly. It will not happen anytime soon.

[ThisThreadIsSatire]

6. Maybe if they pretend to be serious...

... the banks will clean up their act (a little) to avoid it happening...

Sorry, I'm an incurable optimist...

[amb123]

7. Too late. Not going to happen.

Big-Brother Corporations and Big-Brother Banks won't allow it.

:mad: :grr: :nuke: :nopity:

[skippy911sc]

8. Don't give up hope

I don't think it will happen but I have seen stranger things in my life. I hope this does get repealed and does so in a hurry. I knew the moment Clinton signed the bill to reverse this act we were going down hill fast. I don't knock Clinton for signing because it was passed through congress in a veto proof bill. Thank you Republicans!

[Lasher]

13. Don't give Clinton a pass on it, he would have signed it anyway.

Clinton objected to weakening of the CRA but caved in to the evil Phil Gramm anyway.

http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml

[BrklynLiberal]

9. Gee. What a concept!! DUH!!!!!!!!!!!!!!!!!!!!!

What the hell took you all so long to realize the error that you made???

[mbperrin]

10. PUH-LEAZE let this be true!!!

I know, I know!

But please, just one time???!!!

[liskddksil]

11. Lieberman says no - so we can't

[sakabatou]

12. How dare we actually have good ideas and laws!

[valerief]

14. That's like asking Mom for a cookie before dinner and she says,

"I'll think about it."

There's nothing to think about. We know Mom will say no. We know Hoyer will, too.

It makes PERFECT sense to reinstitute Glass-Steagall, but they can't steal as easily with it.

[Autumn Colors]

15. Right. Wake me up if this actually happens.

My optimism has taken far too many hits in recent years....

Not gonna hold my breath.

[varelse]

16. This is good news (nt)

[LiberalAndProud]

19. It seems like common sense.

It only took 10 years to prove that the repeal was a mistake.

I'm all for reinstatement of Glass-Steagall word for word.

[Goldstein1984]

24. Common sense?

seems all too uncommon in politics.

Or, they have they're own version of common sense that they use to navigate the political world the way maggots work their way through roadkill.

[LiberalAndProud]

37. Yes, common sense in DC is actually quite rare.

It's a conundrum.

[golddigger]

20. Don't get to excited,

We need to wait and see what Lieberman thinks about this.

[xxqqqzme]

21. 'under discussion'?

Wow, I am so fucking impressed!!! Under discussion - like health care reform? But what if Olympia Snowe or dickhead stupecker doesn't like it. Will we have to kiss their asses again? Wonder if that part is also under discussion?

[galileoreloaded]

22. Show me S&P at 210 and we can talk, short of that, nada. n/t

[madrchsod]

23. well...i guess we`ll have to see how this goes down

[JohnyCanuck]

25. A horse has escaped the barn.

Therefore let's hold a discussion on whether or not, sometime down the road, it might be a good idea to close the barn door in case any other barn occupants decide to high-tail it out of there.

[ElboRuum]

26. Um sure...

Yeah, I'm not holding out hope for this one. If it ever actually happens, I expect a number of flying pigs will have been cleared for takeoff.

[Sunnyshine]

27. "maybe that was a mistake" ? ugh! ya think? shakes head at all that's wrong with this Mr. Hoyer.

Makes me wonder what mistakes we are making now, that we will look back on as yet another woopsie.

[still_one]

28. I don't believe anything that comes from them. How do you know someone in Congress is lying?

Answer: If their lips are moving

[NewJeffCT]

29. They'll consider it, and then write a strongly worded letter to the banks

telling them to be nice or they may get another letter!

[HCE SuiGeneris]

30. I'm CONSIDERING trading in my Mazda for a Mazerati...

probably not going to happen though. :hangover:

[jmowreader]

31. Chronology of bank malfeasance

Pre-1933: Banks were allowed to offer insurance and investment services. The Wall Street crash occurred, wiping out billions in paper wealth. Glass-Steagall passed.

1999: Glass-Steagall repealed. Banks became one-stop financial centers offering insurance and investment services.

Bush2 era: Economy collapsed, wiping out billions in paper wealth.

I'm all for reinstating Glass-Steagall, but they need to figure out some way to write into the new law that it can't ever be repealed. Otherwise, the GOP will repeal it again in 50 years and the economy, of course, will collapse.

[WriteDown]

36. Doesn't matter who's in power, they'll repeal it...

Clinton signed the repeal. Obama would probably do the same if he had a repeal in front of him.

[jmowreader]

40. I don't see where Clinton had much of a choice

Gramm-Leach-Bliley, which repealed Glass-Steagall, passed Congress with veto-proof margins in both houses.

[MadMaddie]

32. I expect Lieberman to stall this bill too

I was telling one of my right leaning co-workers today that the Glass-Stiegal act needed to be reinstituted.

[progressoid]

33. Considering? CONSIDERING??? They should be fucking DEMANDING it.

Jebus H. What the fuck is wrong with Congress?

[pleah]

34. Maybe they'll water that down to where it doesn't mean anything, too. n/t

[Odin2005]

35. Do it! DO IT!!!

[femrap]

38. Gee....that only took a

year.

Now this means that the rich white boyz get to pass around a bunch of legal papers so to go back to how things were pre-1999.

Nothing really gets PRODUCED. Just more financial and legal papers passed around...maybe more trees will be cut down for all the paper required...more jobs for loggers, maybe.

The rich white boyz must be getting scared of The Former Middle Class if they want to bring back this law.

But who will get stuck with all the trillions of dollars of Derivatives on the books????

[indypaul]

39. Just like HCR --talkin' ain't doin' n/t