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Bank bailouts should end

May 3, 2013

Sen. Sherrod Brown, D-Ohio, has the right idea but the wrong strategy. Brown has introduced a bill intended to safeguard taxpayers from having to bail out more “too big to fail” banks in the futur....

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(9)

rschweizer

May-04-13 1:15 PM

MrBoB51, you nailed it. And hopefully that Republican-crafted GLB Act itself will either be repealed in part whole. If I remember correctly, it was the banks that wanted Glass-Steagall 'updated' (aka repealed) anyway, specifically the clause that banned officers or bank executives from one bank can't hold positions in any capacity at a takeover bank so that you couldn't make profit on a reverse takeover. You know, all the good things that are designed to protect people.

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MrBoB51

May-04-13 9:52 AM

This entire problem was created when the Glass-Steagall Act of 1933, which segregated Commercial and Investment Banks, was replaced by the Gramm-Leach-Bliley Act of 1999. Voila!! Sub-prime Lending, it's been downhill ever since. These two types of Banks need to be separated once again or the taxpayer will continue to be on the hook for lousy Bank 'investments'.

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rschweizer

May-03-13 10:01 PM

drugsrus, I was so excited I couldn't wait!

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drugsrus

May-03-13 8:13 PM

swizzer, you're no ToT. you should have waited until tomorrow for Cheers and Jeers. That could have been an added cheer.

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rschweizer

May-03-13 2:09 PM

On a national level, congratulations to Gloversville native Vicki Cook, who made today's New York Times:

***********nytimes[dot]com/slideshow/2013/05/02/us/20130503_AMTRAK-7[dot]html

Although the print editiion actually has her name and Gloverseill in it.

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TiredOfTax

May-03-13 2:05 PM

All of those too big to fail companies are actually only too big to allow them to fail. The need to be small so that failure does not destroy the entire US. Banks and utility companies as well should be small enough to control their demise.

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Ron1960

May-03-13 1:17 PM

ps. the government claimed that mabell was a monopoly and that was destroying the competive market. so someone explain the difference.

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Ron1960

May-03-13 1:14 PM

first of all there should not be banks that big, but our governments just do not care as ling as they get theirs.Back quite a few years ago the governmenr broke up MA BELL

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Pards13

May-03-13 1:07 PM

I am no fan of big government or big banks. The only reason to bail them out is if the financial markets are in danger of collapsing. When the bail outs happened the markets were going to collapse and without them nothing gets done. Food is not produced,people paid etc. While some would say let it happened there would have been nothing put misery for everyone. The culprits were not punished because they are the hand that feeds the big politicos. What should have happened is the banks that needed bailout should have been systematically dismantled and divided up. This would be a warning to everyone else that there is no profit in too much risk.

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