|Jamie Dimon-2012 Photo|
Prior to 2000, Glass-Steagall exacted clear government regulations on the banking industry. Those regulations prohibited "gambling" and blending depositor (money) and investment banking by separating the investment banks from savings banks.
With Glass-Steagall gone, in 2008, the American banking system collapsed and took much of the world monetary system with it which caused and continues to cause the economic plights we all are experiencing to this day.
Although congress and the president have put some new bank regulations into place, after almost 4 years beyond the current economic disaster, the full effectiveness and power of Glass-Steagall has not been restored.
Accordingly, most recently and within the last few weeks, JPMorgan Chase has lost and gambled away more than $2 billion of the peoples money.
|The Face of Why Banks Need to be Regulated|
Is it not time to demand the Glass-Steagall Act of 1933 be restored in full as law?