Comment: Glass Steagall is half the story

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Glass Steagall is half the story

Glass Steagall removed the firewall between commercial banks and high risk investment banks. The legislation called Gramm-Leach-Bliley (GLB) repealed Glass Steagall in 1999. Here's a short article on GLB and Glass Steagall.

http://westlawinsider.com/?s=gramm-leach-bliley&submit.x=8&s...

A year later the Commodity Futures Modernization Act (CFMA) deregulated derivatives and the combination of GLB and CFMA caused the current mess. A link explaining the CFMA is in the original post.

Also, in 2004, the SEC essentially removed all capital requirements for large financial institutions.

For more info: http://www.standupforyourrights.me/?p=1047

http://www.dailypaul.com/277342 (Rand Paul: One person can make a difference)
http://www.StandUpForYourRights.me/?p=1264 (Fast and Furious hearing)