Re: How to deal with Marston bailiffs
I thought Glass-Steagall was already repealled in 1999 by the GLBA. The Act itself was passed years ago in 1932, and compounded by the Banking Act in 1933.
You are right however, that there is much controversy in the US over the repeal of the Act. Some say its repeal was responsible for the banking crisis in the 2000's, others (including Bill Clinton) say the Act had had its day, and was no longer relevant.
There's a very interesting article on it I read somewhere, and a lot of misinformation about it on sites promoting imminent doom and gloom. They tend to conveniently overlook the fact the Federal Reserve Board allowed the affiliation of Citibank and Salomon Smith Barney in 1998, this interpretation of the Act paving the way for the repeal in 1999.
I thought Glass-Steagall was already repealled in 1999 by the GLBA. The Act itself was passed years ago in 1932, and compounded by the Banking Act in 1933.
You are right however, that there is much controversy in the US over the repeal of the Act. Some say its repeal was responsible for the banking crisis in the 2000's, others (including Bill Clinton) say the Act had had its day, and was no longer relevant.
There's a very interesting article on it I read somewhere, and a lot of misinformation about it on sites promoting imminent doom and gloom. They tend to conveniently overlook the fact the Federal Reserve Board allowed the affiliation of Citibank and Salomon Smith Barney in 1998, this interpretation of the Act paving the way for the repeal in 1999.




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