I do not remember the Glass-Steagall Act of ’99.
Actually, it was the Glass-Steagall Act of 1933, which was put in place because of the economic depression of 1929-’36. Glass-Steagall was brought about in order to put an end to the speculative investment practices of commercial banking capitalists which led to the economic depression of the 1930s. And for more than sixty years it prevented a repeat of the crash of 1929.
Then, in 1999, the Clinton administration, at the behest of then U.S. Treasury Secretary and longtime Goldman Sachs executive Lawrence Summers, dismantled Glass_Steagall, thereby allowing for the very speculative banking practices that led to the financial collapse of 2007-2008. (The present Treasury Secretary - Steven Minuchin - is yet another longtime Godman Sachs executive. Ergo, regardless of who occupies the Oval Office at any given time, Goldman Sachs and other such banking capitalists are (always) in charge of the U.S. Treasury Department.)
Back then, I didn't give a shit about that stuff, I was just getting out of the Marines and had other issues to worry about. I served under Bill Clinton. And, yes, I did like Reagan but was really too young to know back then.
So do you, E, a “less government” guy, deem it ironic that Reagan not only prosecuted and jailed hundreds of banking capitalists in the aftermath of the 1980’s Savings & Loan scandal, but that he also effectively nationalized the Savings & Loan industry?
I'm a big "trust but verify" guy. I am a big supporter of whatever president is in office, because I am an American and love my country. Going against any President in my opinion is just not good for the country.
I will assert that peaceful opposition to any and all presidencies is as American as apple pie and quite healthy for democracy.
I'm not really a political guy and I'm a libertarian at heart if I had to self-identify. Socially democratic, fiscally republican leaning.
All right. But you should also understand that it was libertarianism (read: the quest for less government) that served as the basis for the elimination of the Glass-Steagall Act.
Consider, as an example, a comment made by the lifelong libertarian and former Federal Reserve Chairman (1987-2006) Alan Greenspan who, of course, advocated for the dismantling of Glass Steagall: “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.” —testimony before a U.S. Senate banking committee, October 22, 2008.
Just live and let live is how I prefer to live. And outside of buying juice, I am pretty straight laced...lol. Hell, I don't even speed! Also proud to say I didn't vote in the last US election. I couldn't bring myself to it. The best thing that came out of that is no jury duty for the next 4 years. I have learned a lot reading your recent posts on all this stuff. I gotta say, I appreciate it. Thank you.
I appreciate your writings, too, bro.
Please Scroll Down to See Forums Below 
