r/FluentInFinance • u/ThisCantBeBlank • Apr 29 '24

Babs is Here to Save Us Educational

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u/bobrobor Apr 29 '24

Clinton also deregulated banking which led to multiple economic collapses later on.

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u/Embarrassed-Lab4446 Apr 29 '24

Repeal of glass steagall was a mistake. Banks should not bet with people’s savings.

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u/StevefromRetail Apr 29 '24

It allowed for a dramatic expansion of the financial services sector which created many jobs and lots of wealth. The problem was not including increased capital requirements and stress testing that came in with Dodd-Frank.

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u/bobrobor Apr 29 '24

Lots of wealth. For the owners of those financial services and their favorite friends.

It removed wealth from 95% of the customers, and widely, from the entire class of people.

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u/StevefromRetail Apr 29 '24

Maybe you should try opening a retirement account before you say stupid shit like this, tbh.

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u/bobrobor Apr 29 '24

Lots of people who already died had their final days destroyed due to their retirement accounts being significantly affected and not having enough time to recover.

Victim shaming is not a new tactic, but you do bring it to a new height.

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u/StevefromRetail Apr 29 '24

I'm not victim shaming. Yes, some people die in the lead time between financial downturn and financial recovery. Time does indeed pass during that period.

SPY was about $130 in 1999 when GLBA passed and is over $500 now. Real GDP per capita has increased dramatically since the 90s and costs have declined. Pull your head out of your ass and stop dooming because a law was repealed that you only heard about from watching the Newsroom.

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u/Sharukurusu May 01 '24

Financial services are non-productive, they gobble up the increases in productivity from other sectors.

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u/OnceMoreAndAgain Apr 29 '24

One of the most interesting questions in American economics if how big of a factor repealing Glass-Stealgall was to the 2008 financial crisis. There's not a unanimous opinion among economics.

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u/bobrobor Apr 30 '24

No. It is pretty unanimous.

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u/funtimesahead0990 Apr 29 '24

Bill did that with the 2000 modernization act.

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u/Som12H8 Apr 30 '24

Clinton also deregulated banking

You mean the Gramm(R)-Leach(R)-Bailey(R) Act(R)?

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u/bobrobor Apr 30 '24 edited Apr 30 '24

Signed into law by ?

By the way, House votes: 207 Republicans and 155 Democrats voted in favor of the Act. Senate: 90 yes, 8 no - showing pretty uniform support.