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Repeal of Glass-Steagal was a poor decision
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From LaVern F. IselyMonroeSince President Obama and Congress passed the Financial Regulatory Oversight Bill, will it be enough to get us out of the financial ditch, because of the lack of federal regulations on derivatives or should it have been stronger like Senator (Russ) Feingold wanted?Here's a quote from the book, "13 Bankers" written by Simon Johnson and James Kwak from page 133: "Greenspan Triumphant - An emerging market oligarchy uses its political power and connections to make money through such means as buying national assets at below-market prices, getting cheap loans from state-controlled banks, or selling products to the government at inflated prices. In the United States, the banking oligarchy (and its allies in the real estate industry) used its political power to protect its golden goose from interference and to clear away any remaining obstacles to its growth. The banks' objectives included both the elimination or nonenforcement of existing regulations and the prevention of new regulations that might stifle profitable innovations.