Why Glass-Steagall Shouldn't Have Been Repealed: A Shuffle of Aluminum, but to Banks, Pure Gold - NYTimes.com

Racket but legal?

A Shuffle of Aluminum, but to Banks, Pure Gold - NYTimes.comMetro International holds nearly 1.5 million tons of aluminum in its Detroit facilities, but industry rules require that all that metal cannot simply sit in a warehouse forever. At least 3,000 tons of that metal must be moved out each day. But nearly all of the metal that Metro moves is not delivered to customers, according to the interviews. Instead, it is shuttled from one warehouse to another [a scam that drives up aluminum prices for all].
[...]
Senator Sherrod Brown, who is sponsoring Congressional hearings on Tuesday on Wall Street's ownership of warehouses, pipelines and other commodity-related assets, says he hopes the Fed reins in the banks.

"Banks should be banks, not oil companies," said Mr. Brown, Democrat of Ohio. "They should make loans, not manipulate the markets to drive up prices for manufacturers and expose our entire financial system to undue risk."

Source: A Shuffle of Aluminum, but to Banks, Pure Gold - NYTimes.com

Isn't this why the Glass-Steagall Act of 1932 should never have been repealed? I know so. So should you. Banksters are not to be trusted! They must be regulated short of putting them all out of business, which is what I'd do were I God. Will God do it? Yes. When? God only knows.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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