"Karlweis laments that "after a career in finance I look aghast on what has happened since the turn of the 21st century. The conclusion I have come to is that the present financial crisis was caused by, and is one of the most blatant manifestations of, widespread moral decline in our society."
The gnome turned sage says that "devoid of all common sense and consumed by greed, the big all-service banks led by Wall Street contrived a financial system that was nothing but a house of cards while adopting lending criteria based on equally flimsy mathematical hypotheses. Not that they cared; they unloaded their junk from their balance sheets onto duller players who snapped it up as a cash-flow booster, only to see it all go up in smoke later on."
At a minimum, Karlweis concludes, "we will need a full reinstatement of the Glass-Steagall Act (repealed in 1999), which made it impossible for a single legal entity to conduct or control all types of financial business." This means institutions that receive deposits from the public must be clearly prohibited from speculating on their own behalf with the money of their depositors."
The most important legislative action to contain the crisis that caused the Great Depression:
The Glass-Steagall Act a.k.a. The Banking Act of 1933
Full Text: Archives.org
"The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall....
Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–
UN International economic emergency contingency discussions continue. [4,5,6,7,8,9]
1. Arnaud de Borchgrave: Editor At Large, United Press International. Url: www.upi.com/
2. Big Gnome: Financial situation can't last: UPI, 26 April 201. Url: www.upi.com/
3. Glass-Steagall Act: Wickpedia. Url: www.en.wikipedia.org/
4. Apatow: Jurisdiction Critical for Prosecution of Financial Crimes - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 22 April 2011. Url: www.unarts.org/
5. Apatow: Inside Job - Prosecution for Financial Crimes Top Priority - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 19 April 2011. Url: www.unarts.org/
6. Apatow: Documentary w/study Guide Targets Every U.S. City - Prime Time: HRI:UNArts Humanitarian Intervention Initiative, 18 April 2011. Url: www.unarts.org/
7. Apatow On G20 Action Plan to Address the International Economic Emergency: HRI:UNArts Humanitarian Intervention Initiative, 16 April 2011. Url: www.unarts.org/
8. Apatow Asks G20 to View Documentary:
9. Financial Crimes Referred to UN Commission on Human Rights - Security Council: HRI:UNArts Humanitarian Intervention Initiative, 13 April 2011. Url: www.unarts.org/
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