Political Quotes

“Mr. Speaker, this week marks the 82nd anniversary of Black Thursday, the start of the great stock market crash of 1929. On that day, rampant Wall Street speculation that had characterized the Roaring Twenties came to an abrupt end. Our country learned many valuable lessons about the banking system and took action to contain the severe risks of an unregulated banking system. This body passed the Banking Act of 1933, commonly called Glass-Steagall, named after the lead sponsors of the bill. Well, from the shape of our economy today, it appears the U.S. forgot important lessons of economic behavior. The banking system we have today again is too risky, too concentrated, and with too much absentee ownership. As a result, our system of credit is seized up and also less competitive. This results in lower capital formation in our local communities, which translates into fewer jobs. Our system also has become one that does not financially empower or reward the average depositor. Consumers know that their interests on certificates of deposit have fallen to all-time lows; yet we see banking fees increasing on all kinds of transactions. Yes, it almost seems like you have to pay the banks to take your money. Money center banks, meanwhile, are earning huge profits while tightly restricting loans and hindering our economic recovery. The U.S. has far fewer banks and savings and loan institutions today than we did a decade and a half ago.…”