Glass Steagall Act
The first "Glass–Steagall Act" was a law passed by the United States Congress on February 27, 1932, prior to the inclusion of more comprehensive measures in the Banking Act of 1933, which is now more commonly known as the Glass-Steagall Act. Starting in the early 1960s, federal banking regulators interpreted provisions of the Glass–Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities. Congressional efforts to "repeal the Glass–Steagall Act", referring to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms), culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.

so much of what they believe, just ain't so

11/14/15
from The Gray Area: The 2nd Democrat Presidential Debate on CBS at Drake University in Des Moines, Iowa featured the three remaining candidates; Hillary Clinton, Bernie Sanders and Martin O'Malley. Moderator John Dickinson with Twitter as a partner and additional questioners:
  • Nancy Kordis-CBSNews Congressional Correspondent
  • Kevin Cooney - CBS Des Moines affiliate KCCI
  • Kathy Arradovich - Des Moines register
Rules used included time for answer, response to attack and warning lights: green-yellow- then red=stop talking!  This all seemed to work well. John Dickerson did a very good job with questions and handling the candidates.  It must be mentioned though, that he only had 3 candidates to control.  Still, very nice job. Summary. This debate was hard to watch and keep my dinner down. The candidates railed on about problems created by Democrats and saying they would do better.  How do people get away with that and not get laughed off the stage? This debate reminded me that what Ronald Reagan said was never more true than tonight  - the only problem with our liberal friends is that so much of what they believe, just ain't so. A few examples:
  • War on Terror.

The Democrat candidates had nothing to offer!  None would admit these terrorists were Islamic! They call themsleves the Islamic State and these candidates for President cannot call them Islamic.  Only 2 good points were made in this exchange:

1. Hillary gave George Bush credit for saying we were not at war with Islam.  Which is true.  We are at war with 'Islamic' extremists.

2. O'Malley said that the terrorists are perverting the name of great world religion. and that our Muslim American friends are our first line of defense.

Agree with both these statements if used properly.  But, beginning by ignoring the obvious of who these radicals are, and with Hillary saying in a speech at Georgetown that we have to understand and empathize with the terrorists point of view, it should tell everyone that they do not know how to use these positions properly.

They were then asked about President Obama comments Friday morning that ISIS was under control. They all sidestepped that issue and said they supported the President's strategy (wonder what it is).  Hillary actually said: this cannot be just an American fight, we must support those taking the fight to ISIS, but America must lead. Really! And just how do you think America can lead without taking a leadership position. Sanders actually stated that the greatest threat is climate change and that climate change is the reason for the rise of terrorism.

As sad as it is to say, it was good that this debate came the day after the Paris attacks. It illustrates just how absolutely ineffective President Obama and the Democrats are at handling foreign policy and managing a war against terrorists. It is clear none of these three can handle the security of the US.

  • More free stuff.  Free child care, free college tuition, free healthcare.  How do you pay for all this?  Tax the rich. Brilliant!
  • Immigration.  Giving illegals amnesty, all the free stuff above and voting rights as soon as possible is the position of the Democrats.  Though they say immigration reform with a path to citizenship, which many of the Republican candidates also support and which George Bush presented in 2006, what they really mean is amnesty and open borders.  Nice reform plan!
  • Wage issue. $15/hr- Pres Obama's former chairman of the council of economic advisers said this could lead to unintended consequences in lost jobs. O'Malley actually said stop taking advise from experts. Sanders said millions of Americans working 2-3 jobs because wages are too low.  Must move to a living wage in next few years even if there are consequences.  Hillary said she supported experts like Krueger and supported $12/hr as the right number.  Give people money to get above the poverty line, then they aren't poor anymore, right!

   Sanders says income inequality is the result of the rich making all t money in this economy.  Bernie, remember what President  Obama and the Democrats recovery plan has been?  Keep interest rates near zero, print money, artificially prop up the stock market.  Who makes money in this environment?  People creating jobs or people playing the stock market?  And who can afford to play the market, wealthy people.  This problem is being created by you guys.

  • Wall Street. Sanders said 6 financial institutions with asset equal to 56% of GDP.  Teddy Roosevelt would say break them up, so would I and I would reinstate Glass Steagall.  Bernie, do you remember Dodd/Frank?  Your Democrat associates created those same 6 financial giants to be 'too big to fail' by passing Dodd/Frank.  These same fools created the financial crisis under the management of you Democrats in Congress. Sanders even stated that the business model of wall street is fraud. Wow.  Following the rules establish by Democrats in Congress makes the bankers on wall street fraudulent, okay.
  • Gun Control So many numbers tossed around that are just not true it was hard to even follow the logic.  Lets just take the one number that is true. Where the toughest gun control laws exist, the highest gun crimes exist.  How about we look at real core issues causing gun violence; gangs and drugs.  That has been known for over 20 years.  Every other data point is designed to to make defenseless victims of the citizens of the United States.
  • Race relations.   When asked where can a young black man find hope, this trio just collapsed into popular a=falsehood and race baiting.  OMalley jabbered about nothing then offers 'Black Lives Matter.' Hillary recounted stories of how white people just walk up and shoot black mothers sons.  And Sanders, continues to foment revolution.  Totally missing the point! Ben Carson, you can answer this question for the young man.
  • Miscellaneous. These statements should scare everyone. 
    • Sanders said repeatedly he wants a revolution in this country.  He wants young people and minorities to rise up and take this country back. Inciting revolution and no one tries to arrest him!
    • Hillary said Republican's are the enemy, trying to prevent voice of people to be heard. Totally untrue, but loved by the radical Democrat base.
    • Hillary when asked if she has been truthful she actually said after 11 hours of testimony in Congress that should be very clear.  It is clear - you lied!
Memorable moments. We agree with Twitter comments and add a couple:
  • Hillary - Carson was impugning her integrity.
    • plus- Twitter Question: "never seen a candidate invoke 9/11 to justify millions of $$ in wall street donations."
  • Sanders- Eisenhower's tax policies make him more of a socialist than Bernie.
    • plus - wall street's business model is fraud.
  • O'Malley - Donald Trump is an immigrant basing carnival barker.
Nothing tonight changed the landscape of the Democrat race - Hillary is still the prohibitive favorite. Between the most recent Republican and Democrat debates a clear picture is emerging.  Democrats are offering to give everyone a chicken for their pot and take care of all your needs in life through fundamental change (revolution) and redistribution of wealth (socialism).  Republicans are offering a system where you can buy your own chicken through incenting job creation, incenting personal responsibility, insuring strong national security, and reestablishing our leadership position on the world stage. Transcript From CBSNews: Democratic debate transcript: Clinton, Sanders, O'Malley in Iowa


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