Why America Once Had Thousands of Local Banks

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  1. Excellent video and education. What do businesses, big business, fear and hate the most? Competition. A better mouse trap. A startup, real competition. What happened to the capital that used to go to small business startups, into the local communities and economies? It went to Wall Street, Washington, and from there it went to build businesses overseas. Again, capital that used to go towards local communities and startup businesses went overseas to build business there. Look at where we are today. Dependent on big business and imports from overseas. Fewer and fewer extremely wealthy and powerful owners of everything control everything, our lives, our future, and it is no for the better for the majority. It serves those very few owners, and the governments that they own. Glass-Steagall made it where local banks were the source for new money, and investment, so small business startups were much more prevalent. The Clinton administration ended Glass-Steagall. The big boys got what they wanted, and then they quickly went about not only consolidating power in only a few hands, they also set us up for the next great depression. And remember that Glass-Steagall was implemented in the 30s because of banking practices that caused the first great depression. Looks like we need a Constitutional amendment that instills some sort of Glass-Steagall. Oh yeah, we already have one that if enforced would eliminate the 'Central' bank and its so called self desired 'independence'!

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