From LaVern Isely
Monroe
To the editor:
Big investment banks and Wall Street have been lobbying our politicians for over 30 years to get rid of the Glass-Steagall Act, which was finally eliminated in 1999. It separated the commercial banks from investment banks and stock market. After that, all bets were off to keeping a safe banking system, and more bankruptcies occurred because of deregulation.
The big investment banks, like Bernie Sanders was talking about, who were pushing the growing, unregulated, toxic derivatives market, promoted by hedge fund dealers, really went crazy when they leveraged the derivative market 50-1 and as extreme as 300-1, which made them risky and led to the 2008 financial crisis, which led to the $700 billion TARP bank bailout.
There was one conservative business magazine, Businessweek, that followed these issues which got bought out by Bloomberg and is now called Bloomberg Businessweek but is still conservatively run and believe our banks should deal in real assets, such as gold and silver, which you can purchase at your local bank. This did not stop the hedge funds from branching out into cryptocurrencies, such as Bitcoins.
I've read 11 articles in Bloomberg Businessweek from December 2017 to the April 2, 2018, issue. Here are the dates and titles so you can look them up:
Dec. 11, 2017, page 32 - "Thinking About Bitcoin? Beware the Whale" Olga Kharif
Dec. 25, 2017, page 25 - "Coinbase Seeks Wall Street's Trust" Lily Katz and Rob Urban
Jan. 8, 2018, page 21 - "You'd Be Crazy to Buy Pizza With Bitcoin" Olga Kharif
Jan. 15, 2018, page 27 - "Who Wants to be Bitcoin's Watchdog" Robert Schmidt and Ben Bain
Jan. 22, 2018, page 29 - "The Bitcoin Crashbubble" Matthew Leising and Rob Urban
Jan. 29, 2018, page 23 - "Nigerians Battle Bitcoin Scams" Tim McDonnell; page 29 - "All Eyes on Ripple. But What Is It?" Matthew Leising and Edward Robinson
Feb. 12, 2018, page 36 - "Bitcoin's Candidate For Congress" Joshua Green; page 54 - "Pssst - Want Some Crypto?" Max Chafkin and Julie Verhage
March 12, 2018, page 27 - "Investigate My ICO Please" Dune Lawrence and Zeke Faux, with Lily Katz and Jonathan Levin
April 2, 2018, page 35 - "The Ancient History of Bitcoin" Peter Coy with Matthew Leising and Olga Khari
The hedge funds are pushing Congress to legalize Bitcoin this year. All your money will be stored up in the cloud through your computer.
Monroe
To the editor:
Big investment banks and Wall Street have been lobbying our politicians for over 30 years to get rid of the Glass-Steagall Act, which was finally eliminated in 1999. It separated the commercial banks from investment banks and stock market. After that, all bets were off to keeping a safe banking system, and more bankruptcies occurred because of deregulation.
The big investment banks, like Bernie Sanders was talking about, who were pushing the growing, unregulated, toxic derivatives market, promoted by hedge fund dealers, really went crazy when they leveraged the derivative market 50-1 and as extreme as 300-1, which made them risky and led to the 2008 financial crisis, which led to the $700 billion TARP bank bailout.
There was one conservative business magazine, Businessweek, that followed these issues which got bought out by Bloomberg and is now called Bloomberg Businessweek but is still conservatively run and believe our banks should deal in real assets, such as gold and silver, which you can purchase at your local bank. This did not stop the hedge funds from branching out into cryptocurrencies, such as Bitcoins.
I've read 11 articles in Bloomberg Businessweek from December 2017 to the April 2, 2018, issue. Here are the dates and titles so you can look them up:
Dec. 11, 2017, page 32 - "Thinking About Bitcoin? Beware the Whale" Olga Kharif
Dec. 25, 2017, page 25 - "Coinbase Seeks Wall Street's Trust" Lily Katz and Rob Urban
Jan. 8, 2018, page 21 - "You'd Be Crazy to Buy Pizza With Bitcoin" Olga Kharif
Jan. 15, 2018, page 27 - "Who Wants to be Bitcoin's Watchdog" Robert Schmidt and Ben Bain
Jan. 22, 2018, page 29 - "The Bitcoin Crashbubble" Matthew Leising and Rob Urban
Jan. 29, 2018, page 23 - "Nigerians Battle Bitcoin Scams" Tim McDonnell; page 29 - "All Eyes on Ripple. But What Is It?" Matthew Leising and Edward Robinson
Feb. 12, 2018, page 36 - "Bitcoin's Candidate For Congress" Joshua Green; page 54 - "Pssst - Want Some Crypto?" Max Chafkin and Julie Verhage
March 12, 2018, page 27 - "Investigate My ICO Please" Dune Lawrence and Zeke Faux, with Lily Katz and Jonathan Levin
April 2, 2018, page 35 - "The Ancient History of Bitcoin" Peter Coy with Matthew Leising and Olga Khari
The hedge funds are pushing Congress to legalize Bitcoin this year. All your money will be stored up in the cloud through your computer.
