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Glass-Steagall
Act passed in 1933 which regulated banking. Named for Sen. Carter Glass (D-VA) and Rep. Henry Steagall (D-AL 3rd). Also known as the Banking Act of 1933. Motivated by the Great Depression and one of the pillars of the New Deal.
Glass-Steagall prohibited commercial banks from engaging in underwriting securities, i.e., banks that accepted deposits and loaned money at interest were not allowed to issue bonds or new public offerings of stocks. The Act also authorized the creation of deposit insurance.
The Banking Act of '33 was strengthened in 1956 when bank holding companies were barred from the insurance business.
Between 1982 and 1999, banks were deregulated until the same corporation could take deposits, create credit, borrow from the Federal Reserve, underwrite stocks and bonds, operate a hedge fund, and sell insurance.
Glass-Steagall prohibited commercial banks from engaging in underwriting securities, i.e., banks that accepted deposits and loaned money at interest were not allowed to issue bonds or new public offerings of stocks. The Act also authorized the creation of deposit insurance.
The Banking Act of '33 was strengthened in 1956 when bank holding companies were barred from the insurance business.
Between 1982 and 1999, banks were deregulated until the same corporation could take deposits, create credit, borrow from the Federal Reserve, underwrite stocks and bonds, operate a hedge fund, and sell insurance.
Glass-Steagall was repealed in stages between 1982 and 1999.
In 1990, the largest bank in the USA--CitiBank--held assets of $369.1 (2009 dollars); by 2009, it held over 5x that. Bank of America is now 13.24 times its size in 1990. The repeal of Glass-Steagall undeniably worsened our problem with banks that were too big to fail.
In 1990, the largest bank in the USA--CitiBank--held assets of $369.1 (2009 dollars); by 2009, it held over 5x that. Bank of America is now 13.24 times its size in 1990. The repeal of Glass-Steagall undeniably worsened our problem with banks that were too big to fail.
Glass-Steagall by Abu Yahya April 5, 2010
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Smeagal • Smeagalizing • smeagol • Smeagle • Smeagled • Smeagoling • seagal • Smegaladon • smeigal • seagaled
Smeagoling
Dude, my kids walked in while my wife was smeagoling me and she told them we were reenacting a scene from lord of the rings. Sméagol didn’t wear clothes.
Smeagoling by VirgoRising January 10, 2021
Smegaladon
Smegaladon by CodeNameBingo November 23, 2018
Smeagologist
A word with no particular meaning, but which might be applied to a person who has some beliefs which harmonize with mainstream Christianity, some which don't, and a whole lot more they are just not sure of.
As Smeagologist is not a word you will find in the dictionary, the meaning will probably emerge at some point, in a distorted form on the Internet's Urban Dictionary. However, I chose it because it doesn't have a particular meaning, and would be equal to me saying, "I have some beliefs which I think may harmonize with those of mainstream Christianity, some I think which don't, and a whole lot more that I'm just not sure about."
29 November 2012 by headheart at Theology Web Campus
29 November 2012 by headheart at Theology Web Campus
Smeagologist by headheart December 4, 2012
smeaglet
smeaglet by shlongboy20 November 12, 2015