Sunday, October 11, 2015

Glass-Steagall Act

I want to bring forward various Acts and Legislations that have been set into law that have directly and negatively impacted our citizens. Policies that are extremely visible and being felt by todays mellinials.  
I want to bring you and show you the injustice that is being done in a way that makes sense, uses reason, fact and numbers backed by reputable that you can form an educated and compassionate opinion .
 Sometimes that is by sharing with you, albeit embarrassing at times - real stories I have experienced and dealt with first hand. 

I would like to start off by telling you a little bit about my first and true “Ah-Ha!” moment. 

The Glass-Steagall act of 1933 , is actually four provisions to the US banking Act that limited commercial banking securities from being mixed in with commercial banks and security firms. Basically this Act separated risky speculation banking from normal banking. 

Now you maybe asking, “Why in the world did we even need Glass-Steagall Act to begin with?’ 
I’ll tell you… it was an enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. 
It boils down to the fact that the Glass-Steagall Act was enacted so that we would not have another great depression. 
That was our safety wall... that was our safeguard.... that was our net.

In 1999 under the Clinton administration,  Bill Clinton and Republicans led by Sen. Phil Gramm repealed Glass-Steagall at the insistence of the big banks. The repeal of this act is directly related to the toxic mortgage situation of 2008. 
We were right back in the 20’s again, banks using insured depositories to underwrite private securities and then hand over to their clients, and ridiculous financing with bankers selling corrupt securities and we - let me be frank - didn’t learn a DAMN THING from 1933. 

My mother is one of the hard working single mothers who lost everything seemingly overnight. My brother and I were so, so, so lucky to have a strong bond with our paternal grandmother, and great grandmother & great grandfather that they helped my mother raise us. Some women don’t have supportive (no-so-ex) In-laws like we did. Her house note tripled over night and one thing led to another and everyone gets that sense of doom when all the bills are due at once and you have children to feed. 

My mothers house was part of the illegal US Bank / Home Mortgage foreclosures that took place. After $100,000 lost, a foreclosure, repossession, completely ruined credit...and all of her life savings depleted, you know what else she received? 
A Slap In The Face. 
US Bank and Home Mortgage along with other banks lost the settlement case and were ordered to pay people back....My mother got a letter that said, “Sorry.” and a check for $500.

Glass-Stegall is just one of the heartless examples of how the government has turned their back on the middle class and if it isn't changed ...will lead to yet another form of Great Depression. 

Were you or a loved one affected by the repeal of Glass-Stegall? Or were impacted another way?
If so tell me in the comment section. 

WARNING: This page has adopted Bernie Sanders' "No Negative Campaign" model because I respect the concept, I respect him, and I respect you.
 I expect you all, as adults to keep a civil and non-hateful tone. 
It is OKAY to disagree, we are only human. 
Everyones Thoughts, Views, and Values are important and valid.
Please, if it isn't terribly to much to ask, be sure facts /ideals are from reputable sources.
  All hateful comments will be deleted.

“It is easy to go out and talk to people who agree with you, It’s harder, but more important, to try to find common ground with people with whom you disagree." 
                                                                                             --Bernie Sanders Liberty University

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