Funny, that's been me and Fallout New Vegas all week. Tried to play through with a perfect reputation when for no reason they came for me so yeah I beat them all up with my sledgehammer and now I'm hated. Oh wait that's more of a Trump metaphor.

truth

Glass-Steagall was a husk of laws starting with Reagan, it really had no strength by that point. Graham-Beach-Biley is not in itself the reason why everything went cockeyed in 2008. That train had been coming for a long time, and there was a whole lot of reasons for it.

So there's that. One thing to understand was that there were still lingering laws in place that prohibited banks from underwriting securities, and they were also prohibited from owning insurance agencies in towns with populations lower than 5,000 (to prevent the kind of small-bank monopolies that destroyed American rural life in the 30's).

Graham-Beach-Bliley gave a lot of incentive for rural Congressional reps to vote for it. Mainly, it allowed small banks to underwrite municipal revenue bonds. This must have been a great selling point for Sanders. This meant a community bank could put it's weight behind municipal infrastructural projects like toll bridges, stadiums, public transit, and other revenue-producing projects.


And this was 1999. Nobody knew the extent to which the golden age of webmasters was going to collapse. Everybody makes mistakes. Paul Krugman himself thought the lending spree of the aughts was overall a good thing in some ways because it created labor.

Finally, everybody makes mistakes.

Ugh LEACH Bliley. Sorry.

Even Elizabeth Warren, when pressed, will concede that Glass Steagall wouldn't have prevented the economy from collapsing. Not that it was a bad law, it just wasn't constructed to cover the sorts of institutions where the shenanigans went down.

It's like a deadbolt on your front door failing to stop someone from kicking your side door down: you can't really blame the deadbolt, you just needed a second one.

Glass-Steagall, as it existed prior to the 1960's, would have surely prevented the meltdown. It would have prevented too big too fail in general.

The deregulation of banks was a chiseled away over the decades and sledgehammered into nothing in the 80's. If you want to see what really put the nail in the coffin, look to 1987, when banks lobbied Congress with the argument that it was preventing the United States from competing with growing banks in other countries. At this time there was a capitalistic cold war going on where internationals were racing to deregulate and consolidate.

At this time, it's also important to note that Ronald Reagan thought it appropriate to pay fresh grads /hr at the SEC to to their job of not really caring about doing their jobs.

Hehe.. the only thing I worry about is his pretty passive stance on guns, and listen to any RTJ song and it's fodder for Hillary. Remember when she got called out by Obama for being like a little Annie Oakley with her pro-gun remarks when she thought she could attract the gun-toting dems? I love Killer Mike and Bernie, but I wonder where this'll lead to down the road.

Bernie hasn't been put to any real scrutiny yet, and I don't think he's ready. Like, why does he plan to take single payer nationwide when it failed last year in his own state of Vermont? Last I heard, Bernie doesn't even know why Green Mountain Single Payer failed, but that's not stopping him.

I think Bernie's got a touch of the demagogue to him, and I don't like it. The reason why Green Mountain failed was that medical costs are as yet too high to make even single payer affordable, and a serious champion of health reform would say, "I guess we need to pivot over to medical costs now and put single payer on hold". But Bernie is not doing that, because single payer is such a crowd pleaser.

And of course most of his progressive agenda requires a Congress the likes of which we haven't seen since FDR. All right then, if we're campaigning on the basis of what we would love to deliver rather than what we have any chance of making good on, vote for me, because I will promise each of you a nuclear powered go-cart and your own personal Frankenstein.

While I don't exactly disagree, Bort, I don't see anyone else running who I'd be comfortable voting for.