If anything, you'd save more money since whenever you don't need to post you won't pay. Unlike now when you get taxxed.

Democratic socialism isn't even real, you can't seize the means of production democratically. Norway is more capitalist than USA infact.

I'd like to point out the FED is unconstitutional and should be abolished

so is the FIAT money

@Leo (BillNyeLand) I’ve went over every recession in the 1800s

All of them were caused by credit expansion

With the exception of one which was linked with greenbacks and credit expansion

@Shadowstitcher11 That’s a strawman

Nobody says that

Hello

@Neco2040 So why did the crash happen?

Why did repealing that specific regulation lead to it?

Because it separated commercial and investment banking, which then allowed banks to make dangerous bets with our money

However glass steagal did not cover that

nor was it related

check the actual 4 components

Which actually had nothing to do with the crash

Since what caused the crash was subprime loans

They prevented FDIC banks from dealing in investment securities?

Which was a thing they were allowed to do for ages

And the fact is that only half of it was repealed

The only thing that was repealed from the Glass Steagal act in 1999, was that banks could now be affiliated with firms who engage in underwriting and deal in securities

@Neco2040 However, there was a regulation that infact CAUSED the crash. The community reinvestment act. This act forced banks into making loans that otherwise they wouldn't do on their own. It forced them into making loans to people who couldn't pay them back

Infact if it wasn't repealed in 1999 , the 2008 crash would have unfolded EXACTLY the way it did in 2008.

?

I do somewhat agree, I think we should have regulations that limit the amount of credit people can borrow

But the repeal of glass steagall is what made this such a big recession

@Neco2040 Glass Steagal wasn't repealed

only a part of it which had nothing to do with the crash at hand.

You misunderstood, it was a regulation that caused the crash

not a deregulation

Glass Steagal definitely contributed to the crash. The fact that commerical and investment banking were no longer separate and that banks were able to grow so much worsened the crisis.

@Neco2040 Dude the banking crisis had nothing to do with firms affilitating underwritting and dealing with securities

it was purely due to subprime loans

I understand, I don't argue that all regulation is good, I'm just saying that there should be a limit to how much credit people can borrow

Glass Steagal didn't prevent

It was subprime loans, you even say it your self about credit.

So basically the GLB act repealed a section of the Glass Stegal act which stopped banks affiliating with companies that underwrite or deal with securities. This obviously did nothing for the 2008 crisis

Now the real culprit was the CRA ( community reinvestment act) this act created by the dems forced banks into giving loans to people who couldn’t pay it back. This causes the real boom then bust. The CRA evolved through times and got hard pressed by regulators over the years until in 2008 it all popped.

The CRA was not a static piece of legislation. It evolved over the years from a relatively hands-off law focused on process into one that focused on outcomes. Regulators, beginning in the mid-nineties, began to hold banks accountable in serious ways. Banks responded to this new accountability by increasing the CRA loans they made, a move that entailed relaxing their lending standards.

All this combined with the FEDs weak monetary and contractionary policy caused the crash. Before the crash they had very low interest rates and had a monetary expansion. This as always causes a recession as the malinvestments that take place due to cheap credit turn out to be unprofitable and they are abandoned,resulting in a bust.