There is a special edition of newsnight tonight at 10.30 on bbc2.
The intellectual revolution piece should be of interest.Jeremy Paxman presents a special edition of Newsnight exploring what's changed as a result of the financial meltdown.
Economics editor Paul Mason asks how the UK and the wider world have changed over the past year, and considers whether the credit crisis will lead to a wider intellectual revolution, as it did in the 1930s.
The nub of the matter seems to be the fact that in the year 2000, after lobbying by bankers, the US took off the statute book a rule that had been in place for 75 years. It was used to stop high street banks getting into investment banking. Since the US allowed it, everyone else followed suit.
It's up to Barack.
Again.
That was the Glass-Steagall Act. Interesting that none of the panel could argue against it being brought into the UK, which hasn't ever had that type of restriction, only that it would have to be reinstated in the US first. There were some other interesting points that were relevant to the situation here.
- the fact that bankers are still determining the legislative response to the crisis.
- one panelist questioned why bond holders of the UK's failed banks are still being repaid.
just watching this again on BBC iplayer.
very intelligent discussion compared to what RTE had on. no blame game bollocks - just looking at the problem and how we get out of it.
highly recommended. caveat: i'm normally critical of the BBC's left wing/liberal bias, but this is genuinely good stuff.
BBC NEWS | Special Reports | Global recession
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Absolutely. It was an excellent programme - compared to Prime Time's NAMA effort last night. Why ? No bloody politicians. Political interviews are like sporting intereviews... pointless. You know what they are going to say before they say it.Originally Posted by netron
One cannot say "Here are our monsters", without immediately turning the monsters into pets.
Bill Clinton did that by repealing the law didn't he?
the root of the problem dates back even further - to Jimmy Carter
Community Reinvestment Act - Wikipedia, the free encyclopedia
but yes, it was Clinton that did the damage in 1999
In 1999 the Congress enacted and President Clinton signed into law the Gramm-Leach-Bliley Act, also known as the "Financial Services Modernization Act". This law repealed the part of the Glass-Steagall Act that had prohibited a bank from offering a full range of investment, commercial banking, and insurance services since its enactment in 1933.On signing the "Gramm-Leach-Bliley Act", President Clinton said that it, "establishes the principles that, as we expand the powers of banks, we will expand the reach of the [Community Reinvestment] Act"
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So what happens if a great business man,starts to rebuild the economy? Will he be executed by the CIA?
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