Originally <a href='http://www.sportsbookreview.com/forum/showthread.php?p=23532813'>posted</a> on 02/04/2015:

Quote Originally Posted by guitarjosh View Post
Banks make our lives better by giving us a place to keep our money that is safer than just stuffing it in our mattress. They then use that money to give out loans to buy homes, cars, open business, etc. If you don't like banks, close all of your accounts, keep your money in your dresser, and buy everything in cash.
Well it's important that for the sake of you, khicks26, snowball & scum's conversation that all of you understand the difference between commercial banks & investment banks prior to the repeal of the Glass-Steagall Act of 1933. The Glass-Steagall Act was implemented after the Great Depression in order to prevent another catastrophic financial depression from ever happening again. It recognized the inherent conflict of interest between commercial banks & investment banks. So a bank could be either a commercial bank like Chase or an investment bank like JP Morgan but you could NOT be both. However, after the repeal of the Glass-Steagal Act of 1933 that regulation was no longer in place. So because of that & financial derivatives it was only a matter of time before another Great Depression happened again. And in 2008 we experienced the beginning of that depression. Quantitative easing (money printing) is the only thing keeping the pyramid scheme going. Eventually there will be a day of financial reckoning. However, just like last time the tax payer will foot the bill not the banks. Because under crony capitalism profits are privatized but loses are socialized (to the tax payer).