We continue to move from one mini-crisis to the next in the financial markets, so maybe this will all work out OK. One of my major concerns has been that reforms put in place in the 1930s to ensure the stability of the banking system have steadily eroded. The repeal of Glass-Steagal allowed traditional depository banks (which have direct access to Federal funds) to engage in much more risky financial wizardry. The recent collapse of mortgage lending standards and the resulting housing debacle is a good example of what happens when mega-banks operate without adult supervision.
Anyway, I was involved in helping to draft this on-line petition. I tried to get the author to tone down the rhetoric and eliminate the last two points. The petition is here. http://financialpetition.org/ .
If you take a look at it, please vote in the poll and let me know what you think.
More information about Glass-Steagal is here: http://en.wikipedia.org/wiki/Glass-Steagall_Act.
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Hey Robert,
'Tis Sandra, Yes, I got your email, would have responded, but all my sent mail is bounced. Cant find the error. Anyhoo, I read all the links you sent me, some several times, and very carefully kept my eyes from glazing. Not that it was boring, but I did not understand it all. I will trust your judgment on the matter. I am all in favor of financial responsibility, (Jeez, I think I am tuning into a Republican.) My take on the matter is a cliche.."If it sounds to good to be true, it probably is." I have kept a lazy eye on local real estate antics and have one thing to
say. Thank Robert, its paid for.
And if I did not thank you before, I do now... many times.
Hugs Sandra
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