Americans Rip Up Retirement Plans

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Mon Feb 11, 2013 1:18 pm

Wabash wrote:Knowing what we know now, yes. However, no one could have foreseen banks creating exotic investment instruments that would end up almost tanking the economy.


Not so sure about that. Since you are the historian, can you tell us about the history that was behind the creation of the act in the first place?


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Re: Americans Rip Up Retirement Plans

Postby Wabash » Mon Feb 11, 2013 2:38 pm

AsIfYouKnew wrote:
Not so sure about that. Since you are the historian, can you tell us about the history that was behind the creation of the act in the first place?

Phil Gramm was a senator at the time who believed that deregulation was always a good thing because he believed in the supposed Invisible Hand espoused by Adam Smith. Ironically (since Luca believes econ is an easy topic) he has a Ph. D. in Econ and taught Econ at Texas A & M.

He of course was being lobbied by the finance industry that had spent billions the previous decade lobbying to repeal Glass-Steagal.

Once that was done, the rest as they is history. There are about a dozen reasons for the meltdown. But that the key that unlocked the rest of the history that ensured.
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Tue Feb 12, 2013 1:24 pm

Wabash wrote:Phil Gramm was a senator at the time who believed that deregulation was always a good thing because he believed in the supposed Invisible Hand espoused by Adam Smith. Ironically (since Luca believes econ is an easy topic) he has a Ph. D. in Econ and taught Econ at Texas A & M.

He of course was being lobbied by the finance industry that had spent billions the previous decade lobbying to repeal Glass-Steagal.

Once that was done, the rest as they is history. There are about a dozen reasons for the meltdown. But that the key that unlocked the rest of the history that ensured.


I wasn't asking about the removal, but the initial implimentation of GS. Why was it passed.
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Wed Feb 13, 2013 5:34 am

AsIfYouKnew wrote:
I wasn't asking about the removal, but the initial implimentation of GS. Why was it passed.

Glass Steagall was passed in response to the finance industry's actions that led to the Great Depresssion.

http://en.wikipedia.org/wiki/Glass–Steagall_Act_of_1933
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Re: Americans Rip Up Retirement Plans

Postby crayegg » Wed Feb 13, 2013 11:56 am

Unless the discussion is about glass, like window glass, your link is useless. However, Wikipedia said this about the Glass-Steagall Act.

The first Glass–Steagall Act was a law enacted by the United States Congress in 1932. It was the first time that currency (non-specie, paper currency etc.) was permitted to be allocated for the Federal Reserve System. It was passed in February 1932 in an effort to stop deflation and expanded the Federal Reserve's ability to offer rediscounts[clarification needed] on more types of assets such as government bonds as well as commercial paper.[1]
The "Glass–Steagall Act" is not the official title of the law; it is a colloquialism that refers to its legislative sponsors, Carter Glass, a US Senator from Virginia and Henry B. Steagall, the Congressman from Alabama's 3rd congressional district.

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Re: Americans Rip Up Retirement Plans

Postby Wabash » Wed Feb 13, 2013 12:03 pm

crayegg wrote:Unless the discussion is about glass, like window glass, your link is useless. However, Wikipedia said this about the Glass-Steagall Act.

The first Glass–Steagall Act was a law enacted by the United States Congress in 1932. It was the first time that currency (non-specie, paper currency etc.) was permitted to be allocated for the Federal Reserve System. It was passed in February 1932 in an effort to stop deflation and expanded the Federal Reserve's ability to offer rediscounts[clarification needed] on more types of assets such as government bonds as well as commercial paper.[1]
The "Glass–Steagall Act" is not the official title of the law; it is a colloquialism that refers to its legislative sponsors, Carter Glass, a US Senator from Virginia and Henry B. Steagall, the Congressman from Alabama's 3rd congressional district.

For some reason the code isn't reading the entire link. My link refers to the follow-up legislation that was passed in 1933.
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Fri Feb 15, 2013 4:57 pm

Wabash wrote:Glass Steagall was passed in response to the finance industry's actions that led to the Great Depresssion.

http://en.wikipedia.org/wiki/Glass–Steagall_Act_of_1933


Can you be more specific? I mean, you were a history major.
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Fri Feb 15, 2013 6:49 pm

AsIfYouKnew wrote:
Can you be more specific? I mean, you were a history major.

Copy and paste the link in my post.
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Fri Feb 15, 2013 9:09 pm

Wabash wrote:Copy and paste the link in my post.


Can't you summarize it?
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Re: Americans Rip Up Retirement Plans

Postby barstow wiz » Sat Feb 16, 2013 6:25 am

workin's good for the soul!
:shock:
:)

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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 16, 2013 6:40 am

AsIfYouKnew wrote:
Can't you summarize it?

Yes I can. Read it?
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Sat Feb 16, 2013 8:01 am

Wabash wrote:Yes I can. Read it?


I studied it in college. Remember, i was en economics major. I am just interested to hear your summary.
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 16, 2013 8:14 am

AsIfYouKnew wrote:
I studied it in college. Remember, i was en economics major. I am just interested to hear your summary.

Oooh...does Luca know you're an econ major? He thinks econ majors are losers.

My summary is the same as yours. So why are you asking? Since you studied it, you should know exactly what was done when it was signed into law.
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Re: Americans Rip Up Retirement Plans

Postby Troglodyte » Sat Feb 16, 2013 5:41 pm

Wabash wrote:Oooh...does Luca know you're an econ major? He thinks econ majors are losers.

My summary is the same as yours. So why are you asking? Since you studied it, you should know exactly what was done when it was signed into law.

Doesn't take an Econ major to figure out not to rely on any government, company, or union retirement plan. They're all BK..
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 16, 2013 6:41 pm

Troglodyte wrote:Doesn't take an Econ major to figure out not to rely on any government, company, or union retirement plan. They're all BK..

Not the point. Quit deflecting.
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Re: Americans Rip Up Retirement Plans

Postby Troglodyte » Sun Feb 17, 2013 3:02 am

Wabash wrote:Not the point. Quit deflecting.

It may not be your point, but it is directly to the point of this thread.. You are the one trying to derail another thread into your usual rants.
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Sat Mar 02, 2013 9:39 pm

Wabash wrote:Oooh...does Luca know you're an econ major? He thinks econ majors are losers.

My summary is the same as yours. So why are you asking? Since you studied it, you should know exactly what was done when it was signed into law.


Luca and I have made our peace.

You still have not answered the question. i wanted to hear your interpretation of why the law was instituted in the first place.
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Re: Americans Rip Up Retirement Plans

Postby Notorious » Sat Mar 02, 2013 10:03 pm

Econ majors are losers.
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Re: Americans Rip Up Retirement Plans

Postby fnuts » Sat Mar 02, 2013 10:28 pm

Correct. Corporations have generally abandoned any meaningful pension plans. Compensation and bonuses for
executives are at record levels. Sounds good for some, not so good for most.

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Re: Americans Rip Up Retirement Plans

Postby fnuts » Sat Mar 02, 2013 10:40 pm

So if you were to plan for retirement in this economy,
where would you invest your money such that you could retire
at a level you would consider reasonable?

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