Tom Lehman uswa12 at
Mon Nov 8 09:00:52 PST 1999

Charles, I have read that the "modernization" of Financial Services Act weakens community re-investment and puts community organizations under special survillance in their dealings with financial institutions. I realize this shouldn't present any problems in Detroit; elsewhere in the nation this could have some very negative impacts.

Am I wrong?

Tom Lehman

Charles Brown wrote:

> >>> "Carl Remick" <carlremick at> 11/08/99 09:41AM >>>
> >I think Doug is
> >almost certainly right that a properly regulated, closely controlled
> >central bank is preferable to a fragmented, localized system. I also know,
> >however, that Glass Steagall arose out of precisely the kind of popular
> >enthusiasm for regulation and control -- and popular disgust with Wall
> >Street and Citibank in particular -- that Doug seeks to encourage in his
> >own writing. Maybe it was ill-crafted and even wrong-headed, but it still
> >marked a high tide of leftist sentiment in this country, and even if the
> >law's provisions cannot be defended, its intentions deserve to be.
> >
> >Instead what we get is an endless slamming of the accomplishments of the
> >Thirties as backwards "depression era" thinking and a president and a
> >congress who have acceded to industry's every wish -- doing so in the name
> >of the almighty common people, united in their quest for higher returns.
> >Feeble and fucked-up as the various regulations, controls, and welfare
> >state implements that were passed in the Thirties and Sixties no doubt are,
> >I would rather not celebrate their repeal until our team is the one doing
> >the repealing, until they can be replaced with improvements like the ones
> >that Doug specifies. It seems that the way things stand now, the financial
> >industry has won a great historical victory, and on its own terms. It's not
> >our doubts about Glass Steagall that prevailed but theirs. I guess my point
> >(nostalgic and culturist as it is) is this: All the particulars of the law
> >aside, the repeal of G-S represents an ideological ass-kicking for the left
> >of historic proportions. Am I wrong?
> No, Tom. You are right on the money, so to speak. This is the most accurate
> assessment to be posted here of what GS's repeal means.
> Carl
> ((((((((((((((
> Charles: Ditto.
> CB

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