Thursday, February 7, 2013

My Perception

 The Banking Act of 1933 also known as the Glass - Steagail Act

My perception of this act as I read it and a over simplifacation was to saverly limit the commercial bank securities from becoming  affiliated with securities firms and thus limit the possibility of another 1929 type depression.
 From 1960 it was slowly eroded by the federal banking regulators until around 1999 when it was repealed by the Gramm - Leach - Bliley Act. Bill Clinton declared that Glass - Steagail was no longer appropriate.
( Wikipedia )
 According to rumor, ex-pres.Bush pleaded with Clinton not to sign the repeal. Bush made some mistakes of that there is no doubt. Not the least of which was to sign the democrats bailout bill ( not that he had much choice ) as the democrats would and could over ride Bush for the last two years of his last term.
 In conclusion the facts do not point to Bush but to Clinton and the democrat party. I also understand that no one thing could cause the catastrophic decline we are in by it's self but in my opinion it is a big part of the currant depression.
 Should you find fault to my thinking or wish to add your thoughts, please fell free to do so.

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