A lot of people point to the legislation that repealed the Glass-Steagal Act in the late 1990's - especially the bipartisan Gramm-Leach-Bliley Act (written by Republicans; signed by Democrat President Bill Clinton).But it seems like the big banks had a lot of power even before then.When and why did the American voters decide to give these big banks so much power over our political and economic systems?Because to me, this seems like a really dumb decision.Why were so many Americans so dumb for so long?
There were alot of major bank mergers in the early-mid 1990's. It was largely ignored by people at the time, but I remember doing quite a bit of research on a few of them during college. There was alot of talk of social power through the banks (incidental to what I was looking into at the time.I just remember the mergers described as good as to bringing that about). If one read between the lines then, with a more conservative or libertarian perspective.one could see some major problems coming. If one read it from a liberal or progressive perspective.one might think it quite wonderful as to a tool for change.
Without banks that can afford to make large loans on a regular basis, most of the larger things Americans like to buy (cars, homes) would be completely inaccessible to all of us. I don't necessarily like that large banks have so much power, but I am glad they exist. Because otherwise, who's going to have 5k cash to pay for their first car? Not many people.
In 2006 when the banks bought the election for Pelosi and the Dems
It wasn't that they got so powerful, it was that they got too greedy. 20 to 30 years ago a CEO made less than $1m per year for salary. Now, they all start at $10m per year plus bonuses and options. A CEO today easily makes $50m plus per year. It's all greed, why else keep working at age 65 when you have $300m in savings? Does the wife really buy that much jewelry?
I would say since the federal reserve was founded, we gave the power to print our Nation's currency and charge us interest on it to a private bank
