Glass-Steagall Act

The Glass-Steagall Act was a liberal socialist policy that said that commercial banks shouldnt mingle with investment banks, insurance industries, security industries, or have Real Estate partners. There is nothing wrong with having multiple financial partners as long as you have "deregulations" Freedom! It was such an old fashion policy and needed to be "modernize" with an ultra cool 21st century Act. The Act was both antiquated and cumbersome for the banking industry, it "suppressed" financial creativity and financial success for Entrepreneurial Americans who wanted to legally steal produce financial success.

The Glass-Steagall Act prohibited the Ultra Rich from making too much money, which was very unfair to America who wanted to bring prosperity to All Americans. If the Ultra Rich made lots of money, the little people rest of us would be rich too thanks to trickle down economics. But the socialist liberals say no, so a coalition of banks, insurance companies, real estates, and other entrepreneurial Americans joined forces to "modernize" America's financial system to be replaced with a more "hip" system. One such Real American Hero was Ultra Rich Senator Dr. Phil Gramm, the same guy who is was John McCain's economic adviser! Gramm spearheaded these new capitalistic ideas and was responsible for repealing the outmoded act and to be replaced with the more pro-capitalist act:

"“You’ve heard of sexual repression; this is a capitalist repression. We have sort of become a nation of socialist whiners, you just hear this constant whining, complaining about loss of 'regulations', America in jeopardy of creating a global financial crisis… nonsense. Mr. Clinton tear down this 'regulatory' wall!”"

The Senators liked the new and cool sexy act that it was passed unanimously by a large majority. The old act was repealed by pro-business and pro-capitalist politicians who wanted to bring more wealth to America, and there is no way that their personally benefited from this. The Senate then introduced the more Capitalist Friendly act that brought great prosperity and profits to The Ultra Rich Real Americans for all time!... until the financial crisis of 2008. The act was named "Lets Raep America's Economy for The Ultra Rich Act" "The Financial Modernization Act"

External Tubes

 * Senator Cassandra predicts economic impending doom Socialist Senator hates Capitalism