Restoring Glass-Steagall

QUESTION: Marty, the Republican platform supports the return of Glass-Steagall. Is Trump for that?

ANSWER: Yes. If there was anyone who would actually do that, it would be Trump. However, keep in mind the act would still have to get through Congress and the bankers would buy every vote to block it.

It is true that the Republican National Convention delegates approved a platform that calls for reinstating the Glass-Steagall Act and scaling back the Dodd-Frank financial overhaul, calling it the Democrats’ “legislative Godzilla.” This is why you find so many hedge fund guys donating to Hillary as well as the big NY banks. They will not donate to Trump and that clearly shows who protects whom.

The Clintons repealed Glass-Steagall. Obviously, the big banks will be pouring money into Hillary to maintain their positions. It looks like the Democrats are for big business, not the Republicans. Guess this is part of the cross-dressing going on in Washington.

The platform on the issue of international trade states that while trade is important, “massive trade deficits are not.” It goes further and claims wrongly that China cannot be allowed to continue its “currency manipulation” and calls for “countervailing duties if other countries refuse to cooperate” on parity in trade. China does not manipulate its currency.

They have tried to control it, but the economic conditions are such that the real issue has been the rise in the dollar globally, which is due to the serious problems in the design of the euro.

https://www.armstrongeconomics.com/international-news/north_america/2016-u-s-presidential-election/the-republican-platform-restore-glass-steagall/ 

Comments

Glass-Steagall controlled bank solvency.  Its repeal allowed banks to make risky moves like investing $700 trillion in hedge-funds.  It also allowed banks to engage in any and all financial services areas like insurance, investments and bundling bad mortgages into “securities”. 

The Community Investment Act of 1993 and HUD rules also need to go.  They required lenders to give mortgages to unqualified buyers and resulted in massive foreclosures that caused the 2008 Meltdown.

Norb Leahy, Dunwoody GA Tea Party Leader