UK getting hard on banks, something stinks!

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#1 Thu, Jun 16, 2011 - 7:50pm
davefess
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UK getting hard on banks, something stinks!

From ZH:

https://www.zerohedge.com/article/uk-preparing-return-glass-steagall

This is off the heals of the Basel Committee looking at 3.5% fee to curb bank growth

https://www.bloomberg.com/news/2011-06-16/basel-is-said-to-consider-3-5-percentage-point-fee-to-curb-growth-of-banks.html

Does anyone else find it weird that in one day there are two stories about getting tougher on big banks? Or am I reading way too much into this, which is probably what is happening. Anyway I just find it odd.

Edited by: davefess on Nov 8, 2014 - 5:07am
Thu, Jun 16, 2011 - 9:44pm
Brotha Bob
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Maybe too late

I think the return of Glass-Steagall is a good idea. I fear it is too late. The derivative trade is the bomb that will blow up the world. CDS's, and securitization lead to the mortgage mess ( along with government intervention ). My fear is that these steps are too late to be effective for the UK, and the rest of the world. As with most politics, nothing happens until someone's back is against the wall. And, that is what you are seeing now.

May God Help Us All But, what do I know?
Fri, Jun 17, 2011 - 1:23am
TheGoodDoctor
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davefess, it's just so that

davefess, it's just so that they can help get to QEIII that much quicker. Europe will benefit too.

Though, I do wonder if they will bring back Glass/Steagall here in the US. I guess I will believe it all when they get back to mark to market accounting rules. LOL. A guy can hope, right? cheeky

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Fri, Jun 17, 2011 - 1:33am (Reply to #3)
silvernomics
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The political dynamic in the

The political dynamic in the UK is that there are three main parties: the Conservatives (right), Labour (left) and the minority Liberal Democrats.

The Conservatives failed to get a clear majority in last year's General Election and had to go into coalition with the Liberal Democrats. Which is weird, not only because the UK hasn't had a coalition government since WW2. But principally because the Liberal Democrats in some sense are further left than Labour. The Lib-Dems are a motley crew of particularly disaffected agitators, and it will have been their influence that has pushed the Tories (Conservatives) to go so hard on the banks.

Fri, Jun 17, 2011 - 8:50am
davefess
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in absence of free markets

I would love to see Glass-Steagall back if we aren't going to let banks fail. Maybe passing this in UK would send a message to US?

"it's game over man, game over!"

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