Despite the Lessons of the Financial Crisis, Putting America’s Economy at Risk Again

Mister Angelides says that he and his team held the belief that we could learn from history, I disagree with his statement because if it were true, we would still have Glass-Steagal in place. That simple piece of legislation worked very well for 40 years, unfortunately our memories fade and we do not take the lessons from history very seriously because if we did, our present would be so much different on so many levels; politically, economically and socially. If we only spoke in terms of economics and banking, we know that banking is safest when it is boring and that is why Glass-Steagal worked so very well for so long, it kept the taxpayers liability at an all-time low by making its share of the industry boring while the investment side of banking could get as risky as it wanted because the losses would be its own and not on the taxpayer. Unfortunately for us, the banking lobby convinced our policy makers that socializing the risk would be very good bsuiness for all, they deliberately left out the part of privatizing the rewards, so when the dominoes fell, we were left holding the empty bag while Wall Street players found ways to bounce back after the dust had settled. I believe that we should reinstate Glass-Steagal, that way even if Dodd-Frank gets weakened, we still have a wall that separates FDIC banking from investment banking. Moreover we have to do something about the Futures Commodities Act of 2000 because that has a lot to do with derivatives as well and its influence on food prices is staggering, some things need to be dealt with separately, if only to shield it from greedy middlemen, ie bankers. Lastly all of this leads us to the TPP and the TPPIP, two treaties that would weaken our already fragile banking regulations even further, we have to stand strong and demand that our legislators vote against Fast Tracking the treaty. I apologize President Obama, but you are wrong about these two treaties, they are wrong for our country in so many different ways and banking is most definitely one of them.    

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