General Electric Hands Dodd-Frank Its Biggest Victory Yet

I would be so much happier and more confident if G.E weren’t the exception as opposed to being the rule. We absolutely need to reinstate Glass-Steagal because despite the fact that the irresponsible lending spree perpetuated by Wall Street brought the world to its knees, the Big Banks have only gotten bigger and one misstep could plunge us once again into financial chaos after which, we the taxpayer would be again on the hook to bail out these greedy, narcissistic bankers. The beauty of Glass-Steagal lies with its simplicty, a dividing line beween risky commercial speculation and boring banking, one is protected by the FDIC and the other is not, as risk should be, the onus and burden is on the speculator and their clients. Why should the taxpayer be on the hook for those who want to engage in risk? The risk takers never share the rewards, they only want to share the losses, which takes the risk out of it, why should they even get rewards? How did we get to a place where it is even remotely considered to be okay that the risk is pushed onto the public domain and the rewards remain privatized? Banking needs to conservative and dull, if you want to invest your money gambling at the Wall Street casino have at it, best wishes but do not look to the American taxpayer to bail you out when your bets come to naught, you took the risk, you pay the piper. Senator Elizabeth Warren has been doing a wonderful job explaining the dangers of “Too Big to Fail” on her rounds at the Late Night Talk Show circuit and she explains it incredibly well, as she ought to considering she was a professor but aside from her professorship, her ability to simplify the issue leads us back to what I started my essay with, Glass-Steagal, she along with Martin O’Malley, former Governor of Maryland, they have been championing its reinstatement for at least two years now and I sincerely hope that this appeal will gain traction in congress and we can see it come to a vote some time in the future. Our economy desperately needs that stability at its core, if only to prevent another crisis in the future, one that may be too big for our nation to fully absorb and then where would we all be?

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