Glass-Steagall doesn't affect Goldman or Morgan Stanley, or the former Merrill, Lehman, and Bear. These banks did not merge with deposit taking institutions. They are strictly market operators. Nothing to do with Glass-Steagall. I want to know why Paulson and Bush's, and Geitner's decision to put them on the Fed back door is still in place now that the crisis has passed and they have been making record profits ever since.

Romney's '47%' Gaffe Exposes The Hidden Economic Depression Underlying America

Recently Mitt Romney effectively "stepped in it" by stating that the President Obama could count on the support of 47% of Americans, who rely on government, don't pay tax and "believe they are victims". While the statement was very misguided, and a critical blow to the Romney campaign, it tells a deeper story of the real state of the economy and the demise of American prosperity.

Romney Should Be Fighting For The 47% - Business Insider

Marijuana Legalization Could Be A Tax Windfall For States

2 Billion my a.... There is as much $ of pot going to organzied crime as there is gas consumption going to the oil companies.

Read more: Mairjuana Legalization Tax Benefits - Business Insider

Bush-Era Tax Cuts May Expire as Step to Budget Deal, Tyson Says

Goldman’s Blankfein: Poor wealth redistribution behind social unrest in U.S.

“And I think in the United States over the last generation or two we’ve been much better at generating wealth and much less good at distributing it.”


In a question and answer session with Royal Bank of Canada chief executive Gord Nixon, Mr. Blankfein, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m a socialist,”

Goldman’s Lloyd Blankfein: Poor wealth distribution behind U.S. unrest | FP Street | News | Financial Post

@zerohedge
Banks are hopping to it. Hopping “@Reuters_Biz: Fed's Fisher repeats call to break up big banks Fed's Fisher repeats call to break up big banks | Reuters

Fed's Fisher repeats call to break up big banks | Reuters

kbit 

I confess I don't know it all either but the way I see it we got the Dodd-Frank bill from Obama and he considers it "fixed". It is of course a total piece of legislative shit that NO ONE likes and solves nothing. It seems to me that they should have just reinstated Glass-Steagall and put some banksters in jail to send a message but we got a bunch of Barney Frank garbage instead and no one is held accountable for anything.

syxforex 

Goldman’s Blankfein: Poor wealth redistribution behind social unrest in U.S. Mr. Blankfein, who’s net worth is more than US$232-million, quipped that “I’m not saying … I’m a socialist,”

Actually, if the government gives your industry bailouts to save you from bad business decisions, you don't have to say it. You are.

Level playing field:

@Jedi and @syxforex

Both of you guys talk it up about making everything fair, you know a "level playing field" where nobody is left behind and everybody wins or at the very least have a high chance of winning.

As you may well know about 90% of all traders fail. What would you do level the playing field for trading? What laws, regulations or redistribution would you implement to level the playing field so all traders succeed and not just the ones who work hard or have talent. Be specific.

First of all I would say that if I have to explain to a person why in a free market economy the concept of 'fair game' is a quintessential principle then I'm going to need a lot more than a few specifics as they pertain to myself. For a specific example as it applies to my budding corporation I would point to the fact that the biggest 'competitor' in the market is Goldman and Morgan Stanley, both of which have a special right to use taxpayers money for their trading risk capital. If they win, they win big, and they can put the squeeze on lesser capitalzied players. If they lose, the taxpayers pay. We are in the very same business. There is zero difference. If there was a level playing field I would be calling the fed this evening and have them wiring me 200K to my clearing firm for tomorrows trading day.

Silver Dragon 

Level playing field: @Jedi and @syxforex Both of you guys talk it up about making everything fair, you know a "level playing field" where nobody is left behind and everybody wins or at the very least have a high chance of winning. As you may well know about 90% of all traders fail. What would you do level the playing field for trading? What laws, regulations or redistribution would you implement to level the playing field so all traders succeed and not just the ones who work hard or have talent. Be specific.

I think the discussion here about "fair games" is a bit misguided - a fair game means that everyone plays by the same rules and is treated the same. It doesn't mean that the outcomes should be the same ... although I do think that there is a strain of liberalism in the US that believes this should be the case.

As for Goldman Sachs and Morgan Stanley "playing with the taxpayer's money," I recall that JP Morgan earlier this year ponied up over $6 billion for a single bad trading strategy, and I don't recall anyone saying anything about having the taxpayers pay for that. Similarly, Knight Trading lost almost half a billion dollars in less than an hour, and I don't recall taxpayers paying a dime for that.

As for your own budding business, Syxforex, I am in the same business as you if that is trading. Every day, my trades go up against JP Morgan, Goldman Sachs, Citadel, Citigroup, Renaissance Technologies, and on and on. Whether I make or lose money is not because those guys have some hotline to the Treasury Department. It's because I decide when to buy or sell, when to enter markets and when to exit.