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Tag Archives: Glass Steagall

The Bankers Vig and the Price we Pay: The Economic Cost of Repealing Glass-Steagall

When one bets on a sporting event the facilitator of the bet, referred to as a bookie, charges the winner of the bet the vigorish. The vigorish, commonly known as the vig, is a fixed percentage of the bet that serves as compensation to the bookie for providing numerous betting options (liquidity) and the financial surety of collecting on winning bets. Financial institutions, like bookies, are intermediaries. They link borrowers with lenders and investors and provide financial security...

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Republican Platform Unexpectedly Calls For A Return To Glass-Steagall

While we know better than to trust politician promises, we were surprised to read that today the GOP joined the Democrats in calling for a repeal of Gramm-Leach-Bliley, the Financial Services Modernization Act of 1999 pushed through by none other than Bill Clinton, and will seek a return to Glass-Steagall, the banking law launched in 1933 in the aftermath of the Great Depression meant to prohibit commercial banks from engaging in the investment business, and which according to many was one of...

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Former Citi Trader Exposes How Wall Street Came To Own The Clintons

Submitted by Mike Krieger via Liberty Blitzkrieg blog, Former FX trader at Citigroup, Chris Arnade, just penned a poignant and entertaining Op-ed at The Guardian detailing how Wall Street came to own the Democratic Party via the Clintons over the course of his career. While anyone reading this already knows how completely bought and paid for the Clintons are by the big financial interests, the article provides some interesting anecdotes as well as a classic quote...

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Fourth Turning – Politicians Driving The World Towards War

Submitted by Jim Quinn via The Burning Platform blog, In Part 1 of this article I discussed the catalyst spark which ignited this Fourth Turning and the seemingly delayed regeneracy. In Part 2 I pondered possible Grey Champion prophet generation leaders who could arise during the regeneracy. In Part 3 I focused on the economic channel of distress which is likely to be the primary driving force in the next phase of this Crisis. In Part 4 I assessed the social and cultural channels of distress...

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