FourReal
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Comments by "FourReal" (@stevexnycautomotive) on "Grassley Warns Against Releasing Gitmo Detainees After Afghanistan's Fall And The Taliban's Rise" video.
The last nail in the American people coffin:
Starting in the early 1960s, federal banking regulators' interpretations of the Act permitted commercial banks, and especially commercial bank affiliates, to engage in an expanding list and volume of securities activities.Congressional efforts to "repeal the Glass–Steagall Act", referring to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms), culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.
By that time, many commentators argued Glass–Steagall was already "dead".Most notably, Citibank's 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board's then existing interpretation of the Glass–Steagall Act.In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate".
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