Comments on: Can the Power of the Banks Be Overcome? http://roylat.com/2009/02/can-the-power-of-the-banks-be-overcome/ Commentary on a Mixed Up and Sometimes Backward World Thu, 04 Aug 2011 19:19:00 +0000 hourly 1 http://wordpress.org/?v= By: Rod Lorimer http://roylat.com/2009/02/can-the-power-of-the-banks-be-overcome/comment-page-1/#comment-48 Rod Lorimer Wed, 18 Feb 2009 01:43:01 +0000 http://roylat.com/2009/02/can-the-power-of-the-banks-be-overcome/#comment-48 The solution may be much simpler. Go back to 1999 and the repeal of the Glass Steagall act, engineered by Robert Rubin and Sandy Weill ( Citi Grp), and now repeal the repeal. The 1999 repeal allowed banks to become investment institutions and specifically allowed investment in the toxic derivatives that plague the banking system. If banks had stuck to making loans based on deposits, this would be a different world. It's clear that bankers didn't get smarter in 1999 just because the law changed. The solution may be much simpler. Go back to 1999 and the repeal of the Glass Steagall act, engineered by Robert Rubin and Sandy Weill ( Citi Grp), and now repeal the repeal. The 1999 repeal allowed banks to become investment institutions and specifically allowed investment in the toxic derivatives that plague the banking system. If banks had stuck to making loans based on deposits, this would be a different world.

It’s clear that bankers didn’t get smarter in 1999 just because the law changed.

]]> By: Can the Power of the Banks Be Overcome? The Academic Connection | Roylat.com http://roylat.com/2009/02/can-the-power-of-the-banks-be-overcome/comment-page-1/#comment-45 Can the Power of the Banks Be Overcome? The Academic Connection | Roylat.com Tue, 17 Feb 2009 17:10:13 +0000 http://roylat.com/2009/02/can-the-power-of-the-banks-be-overcome/#comment-45 [...] recently posted an article by Simon Johnson entitled, "High Noon: Geithner v. The American Oligarchs." What makes Mr. Johnson’s [...] [...] recently posted an article by Simon Johnson entitled, "High Noon: Geithner v. The American Oligarchs." What makes Mr. Johnson’s [...]

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