Wall Street’s Casino Banks, Taking Deposits from Savers, in 1929 and Today

By Pam Martens and Russ Martens: January 4, 2021 ~ Following the stock market crash in 1929, more than 9,000 banks in the United States failed over the

Source: Wall Street’s Casino Banks, Taking Deposits from Savers, in 1929 and Today

KW: I have gone from being a professional financial adviser helping clients invest what I can happily say was ‘wisely’ (with the odd bad outcome for some) and providing portfolio management and performance reporting for them to now being totally confused by what is going on and not understanding the HEAVILY MANIPULATED ‘markets ‘ that exist today. It angers me that moron central bankers globally have created a situation where they, least of all, don’t know what’s going to happen next, all to be solved and papered over by printing trillions more dollars and throwing this as a solution to keep the facade of market order continuing in the face of more and more financial commentary (apart fromthe teamster chirpers at CNBC) saying that catastrophe is not far away. People who have been close to the action and in very senior positions, some still are, have been advising of this for over a decade, now amidst riots, epidemics destroying businesses and employment and of course not forgetting crises in politcal leadership whilst maintaining confrontational stances towards the majority of the globes populace. Banking crises have happened before, as per the attached article and it seems to me perfectly plausible that this could happen again. As well, the current housing boom has had crashes before, spurred on by manipulated low interest rates, we all ask will this bubble burst any time soon. It was only in the early 1990’s that the last crash occurred with Aucklanders on TV every night crying to us all about the fact that their house was now worth less than the amount it was mortgaged for. Worse this situation now is loaded up against our young people trying to put new families together and getting a house of their own, having to borrow hundreds of thousands of dollars to often buy a s.it box house in a s.it box area just to get started, a recipie for disaster in my opinion. People are talking widely about the devastating effects of lock-down after lock-down overseas, on buinesses and people, barely mentioned as an economic threat here in New Zealand as our media simply wants to ram home the thinking that vaccines are the only solution for future survival something not true. I am disparing at the current situation.

Nomi Prins, a comentator I have respect for is clearly now in my confusion camp by writng this: –

“Back in 1933, when the Glass-Steagall Act was passed, it helped break up the biggest banks of the day and for good reason: They had had a major hand in triggering the most disastrous economic depression our country ever experienced.

Certain divisions of those banks were no longer allowed to coexist with others. The law split the parts of banks that placed bets by creating and trading certain risky securities and those that took deposits and provided loans. It separated bankers with a heinous gambling habit from those who only wanted a secure nest egg.

After 1933, the gamblers and savers went their separate ways, which proved a boon for the economy and the financial system for nearly seven decades. It was repealed in the 1990s. We need it back.

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