The Glass-Steagall Act has remained one of the pillars of banking law since its passage in 1933 by erecting a wall between commercial banking and investment banking. In effect, the law keeps banks from doing business on Wall Street, and vice versa. In actuality, there are two Glass Steagall measures.
The first was the Glass-Steagall Act of 1932, a bookkeeping provision that allowed the Treasury to balance its account. And what is commonly known today as the Glass-Steagall law is actually the Bank Act of 1933, containing the provision erecting a wall between the banking and securities businesses.
Fundamental to an understanding of the passage of the Glass-Steagall Act is the fact that by 1933 the U.S. was in one of the worst depressions of its history. A quarter of the formerly working population was unemployed. The nation’s banking system was chaotic. Over 11,000 banks had failed or had to merge, reducing the number by 40 per cent, from 25,000 to 14,000.
The governors of several states had closed their states’ banks and in March President Roosevelt closed all the banks in the country. Congressional hearings conducted in early 1933 seemed to show that the presumed leaders of American enterprise — the bankers and brokers — were guilty of disreputable and seemingly dishonest dealings and gross misuses of the public’s trust. Looking back, some historians have come to a different conclusion about the role such abuses played in bringing down banks.
Some historians now say the chief culprit of bank failures was the Depression itself, which caused real estate and other values to fall, undermining bank loans. Securities abuses played a minimal role in the collapse of banks, these historians say, and caused few failures among the New York banks with the largest Wall Street operations.
In 1999 President Bill Clinton Repealed The Glass Steagall Act Allowing The Rothschild Banking Cabalists To Move Once Again Into The American Economy Designing The Housing Bubble.
- Power Of Glass-Steagall Act: A Blow Against British Monarchy’s London Banks ~ Monarchy Threatens With War If Passed!
THREE WELL-DEFINED EVILS WERE FOUND TO FLOW FROM THE COMBINATION OF INVESTMENT AND COMMERCIAL BANKING.
Provisions of the Glass-Steagall Act were directed at these abuses:
(1) Banks were investing their own assets in securities with consequent risk to commercial and savings deposits. The concern of Congress to block this evil is clearly stated in the report of the Senate Banking and Currency Committee on an immediate forerunner of the Glass-Steagall Act.
(2) Unsound loans were made in order to shore up the price of securities or the financial position of companies in which a bank had invested its own assets.
(3) A commercial bank’s financial interest in the ownership, price, or distribution of securities inevitably tempted bank officials to press their banking customers into investing in securities which the bank itself was under pressure to sell because of its own pecuniary stake in the transaction.
But that time is coming to an end.
WHEN IT COMES … you will recognize the rallying cry of the GLOBALISTS AKA; ROTHSCHILD BANKING CABALISTS as they demand that the bankrupt system (WHICH THEY ORCHESTRATED) be bailed out NO MATTER WHAT IT TAKES … They will call it a CONTAGION OF LOST CONFIDENCE. CONfidence that we MUST RESTORE – NO MATTER WHAT THE PRICE (of the BAILOUT).
But SOVEREIGNISTS will repudiate the GLOBAL BAILOUT as a DEATH DECREE upon the working classes of the world.
The Democrat/British Engineered Schemers propelled the Housing Bubble through predatory schemes and fraudulent paper work then subsequently allowed attempted foreclosures upon untraceable initiated mortgage deeds aka; worthless derivatives. Further, it was this same party that iced S.190 and closely related bills, to come before congress for a vote in 2001, 2003, & 2005. ~ S.190 would have prevented Frank And Dodd from engineering the Housing Bubble and its necessary fallout (Pump/Dump Ponzi Scheme) under fraudulent paper.
Listen To This Lying Fu&k:
Iceland has the British Schemers (The NWO Gang) on the run.
- Iceland Takes The Lead In Checkmating The Queen’s New World Order Ponzi Scheme.
- High Noon In America: As 1776 Repeats Itself, In America’s Battle Against The British Monarchy’s/International Banking Cartel
- Dodd (d-conn) Hides Out In Ireland On A Real Estate Bonanza, That He Does Not Know How Much He Paid For!
- Round Up The British Dynasty & Their Ilk, For Their Very Own Nuremberg: Devil Is Exposed
- Flag This! – $550 Billion USD Absconded From Federal Reserve Within 30 Minutes.
Where Are The Fraudsters Moving – To Live And Play?
- BREAKING => The Take Down Of Globalist Obama: Keynesian Banking Cabalists Have A Reality Check -> Glass-Steagall or Die! (politicalvelcraft.org)
- Charlie Schumer’s Shuffle: The Benedict Arnold Of The Glass Steagall Act & The Rothschild Champion Sleeper Cell For Wall Street! (politicalvelcraft.org)
- Repeal of Glass-Steagall Caused the Financial Crisis (usnews.com)
- Repeal of Glass-Steagall Caused the Financial Crisis (theneteconomy.wordpress.com)
- BREAKING WORLD NEWS: Globalists Have Called For Glass-Steagall. (politicalvelcraft.org)
- Glass Steagall repeal is an historically important blunder (amanwithaphd.wordpress.com)
- Hoenig: Revival of Glass-Steagall necessary to protect financial system (kansascity.com)
- Former Citigroup Boss Goes H.A.M. on Big Banks, Advocates Return of Glass-Steagall (nymag.com)