New Glass-Steagall Act

My pal Elizabeth Warren joins with my senator Cantwell and Loon McCain to rein in the banks.. What chance passage?

Here's a perfect example (gun control is another) where Congress has the chance to enact legislation the people want, if only they can wean themselves from lobbyist money.

Glass-Steagall is such an obviously reasonable, valuable, and necessary law that it probably has no chance of reinstatement with the current Congress.

Alas, and alack.

Matters such as this often remind me of once spending some a few days, back in 1969, with an Hungarian economist who had just completed spending several years working with the government of India in designing a new economy for their country.

I wonder what we could come up with if this backward country took the step of hiring renowned economists from throughout the world to design a new economy for us. No doubt it would be very different from what we have now. (Actually a handful of third grade children could probably design a better economy than what we now have.)

Let's look at the history.
https://www.youtube.com/watch?v=nTWfa-iO9Nc

I don't doubt Warren's drive, honesty, and integrity. I have great admiration for her, and I think she has more balls than anyone else in the arena. Unfortunately, she has to contend with a bunch of corrupt assholes in Congress, the Justice Department, and scrotus.

Yep. The system's broke. One person cannot fix.

However, we shouldn't stop trying.

The system is not broken; the system is unworkable.

Democracy and corporate capitalism cannot effectively coexist.

If you amend your statement to "Democracy and UNFETTERED corporate capitalism cannot effectively coexist" I'd agree.

I intentionally left that word out after consideration. Corporate capitalism requires a lack of oversight and regulation. That's why it cannot coexist with democracy.

Why do you say that? You think rules&regs are incompatible with business? I strongly disagree. Businesses should have a level playing field with each other but not against the public. Health & safety, predatory practices and truth-in-advertising should be strictly enforced.

I do not think rules & regs are incompatible with business; I think they are necessary. But I'm not talking about simple business; I'm talking specifically about corporate capitalism. They do everything they can to eliminate rules & regs and competition. A level playing field is anathema to them. They spend huge sums of money buying and influencing those who should be responsible for regulating them, thus degrading the concept of democracy which is intended to benefit the general populace.

New rule: Regulations go out the door when the legislators who wrote them get shitcanned.

New rule: When you break a law you go to prison - no matter how much money you make.

New rule: like payraises for legislators, regulations do not go into effect while you're still in office.

...or when your friends are still in executive positions.