Recent comments in /f/dataisbeautiful

Fish_Slapping_Dance t1_jcqnh41 wrote

Reply to comment by atxlrj in [OC] Bank failures come in waves by pranshum

>"Glass-Steagall was repealed by Clinton"

Clinton signed the law, but he didn't create the Gramm-Leach-Bliley Act of 1999 that repealed Glass-Steagall. That was three republicans who created the bill and got it passed in a republican controlled Congress in both houses. Banks had wanted to deregulate their activities since at least the 1980s. Republicans gave banks the deregulation that they so desperately wanted. It was a disaster.

Yes, there was bipartisan support, but the ratio was more like 2 republicans to one democrat voting in favor in the House, and nearly 90% of democrats in the Senate voting against.

Had democrats controlled the Senate, it would likely have failed, and we would not have had the huge mergers that happened or the resulting "too big to fail" problem where the failure of those financial institutions brought down the entire economy.

​

>"During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government."

1

Rinkled-Bak2Fuk t1_jcqnbru wrote

Reply to [OC] Bank failures come in waves by pranshum

I think what OP is trying to point out is that, upon multiple banks failing--be it a few to a dozen--there is evidence that the number of failures has a cascading effect. It seems to me (=opinion, not certified) that there is a certain threshold whereupon the number of bank failures is detrimental enough to the economy (or other banks) that there are more "waves"--as OP put it--of bank failures in a short amount of time. I think they (OP) used the long time span to signify that these "waves" (or clusters) of failures are repeat occurrences.

1

Available_Ad4135 t1_jcqhp5e wrote

Reply to [OC] More Americans are believing COVID-19 originated from a lab in China. However, there is still no conclusive evidence to support one theory over another. The topic is highly politicizing both internally (US Political Parties) and externally (US-China relations). by Square_Tea4916

Does it matter? We know we can’t trust China anyway. They suffered worse than any other country, so obviously it wasn’t planned. It’s not like there is much to learn here. I also didn’t get why this question was the focus during the pandemic. You don’t debate how the fire started until the flames have been put out.

1