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drexl spivy 22 minutes ago (9:58 AM) 0 Fans
Glass-Steagall 1932-1999 -- During this time, the United States achieved the following major accomplishments during a period when our banking system, for the most part, was actually designed to allocate capital for the country's productive purposes, where risk was appropriately priced and client fiduciary relationships were hallmark:
1) Successfully fought an unconditional war against totalitarianism on 2 fronts with victory in little less than 4 years after starting out with only a modest standing army.
2) The US became the sole economic superpower during the 1950s with an unbelievable rise in the general standard of living for most of the population.
3) Led the world in technical innovation in computer technology and aviation culminating in a successful moon landing during the 1960s.
4) Continued advances in medicine and information technology and communciations setting the stage for leadership in the information age through the 1990s.
Since Glass Steagal's repeal (1999-today and forever with the passage of "Fin Reg") our country's hallmarks are the following:
1) The US banking system exploded to become a debt churning ponzi scheme where government's and most individuals became slaves to debt by doing away with a tried and true capital allocation system that for the better part of sixty years brought rising prosperity for most people.
2) War on terror.
3) The Patriot Act.
4) Rendition and Guantanamo.
5) Stop Loss.
6) A housing bubble.
7) Systemic government and corporate corruption.
8) Strip mall graveyards.
9) A gutted production infrastructure.