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History: Glass Steagall Act: Definition, Purpose, and Repeal : This 1933 Law Would Have Prevented the Financial Crisis

Definition of The Glass Steagall Act: The Glass-Steagall Act is a law that prevented banks from using depositors' funds for risky investments, such as the stock market. It was also known as the Banking Act of 1933 (48 Stat. 162). It gave power to the Federal Reserve to regulate retail banks. It also prohibited bank sales of securities. It created the Federal Deposit Insurance Corporation (FDIC).
Glass-Steagall separated investment banking from retail banking.

Glass Steagall needs to be introduced into Australia to stop the next Financial Crisis.


Time to go back to cheap guaranteed electricity

Australia once had cheap reliable electricity to power a growing economy. Then came privatisation, competition policy and so-called “green energy”. The current energy crisis is no accident; in fact the Citizens Electoral Council forecast this disaster in the mid-1990s as the City of London-centred financial oligarchy implemented its privatisation and radical environmentalist agenda.

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