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.
This film is essential viewing. It presents the clearest case that accusations against Russia are often based on deliberate disinformation which Western media and politicians accept without proof.
Australia’s big banks have looted hundreds of billions of dollars from the retirement savings of millions of people who are clients of bank-owned “retail” superannuation funds.
On the same day last week that the Australian Prudential Regulation Authority (APRA) chairman Wayne Byres claimed that the banks had passed stress tests conducted by the bank regulator in 2017, the Citizens Electoral Council’s Australian Alert Service published an article by Robert Barwick entitled, “Are Australia’s Big Four banks effectively bankrupt?”