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Deregulation of stockbroker commissions in 1970s Stelling1 #6641 Deregulation of commissions paid to stockbrokers in 1970s.

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The Global Financial Crisis »The Global Financial CrisisThe Global Financial Crisis☜Exploring the causes, consequences and responses to the global financial crisis. ☜F1CEB7

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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?Long-term causes of the financial crisis?☜What are the long term causes of the current financial crisis?☜FFB597

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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choicesUnintended consequences of earlier public policy choices☜The roots of the crisis lie in the unintended consequences of policy choices made with respect to the financial sector over the last 30-40 years—which have allowed the volume of (all kinds of) debt in the global financial system to explode.☜59C6EF

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Investment banks incentivised to move into riskier activities »Investment banks incentivised to move into riskier activitiesInvestment banks incentivised to move into riskier activities☜Otherwise sensible public policy changes had the unintended consequence of pushing investment banks into riskier activities.☜9FDEF6

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How were investment banks incentivised to increase risk? »How were investment banks incentivised to increase risk?How were investment banks incentivised to increase risk?☜How were the investment banks incentivised to move into riskier activities?☜FFB597

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Deregulation of stockbroker commissions in 1970sDeregulation of stockbroker commissions in 1970s☜Deregulation of commissions paid to stockbrokers in 1970s.☜59C6EF

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Booking stock trades was a comfortable living for Investment banks »Booking stock trades was a comfortable living for Investment banksBooking stock trades was a comfortable living for Investment banks☜Prior to deregulation, investment banks made a comfortable living from from booking stock trades.☜9FDEF6

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Competition brought thinner margins »Competition brought thinner marginsCompetition brought thinner margins☜The greater market competition resulted in thinner / less comfortable margins.☜9FDEF6

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Deregulation brought competition »Deregulation brought competitionDeregulation brought competition☜Deregulation of the commissions paid to stockbrokers brought greater competition to the market.☜9FDEF6

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Helped to boost wealth of small investors »Helped to boost wealth of small investorsHelped to boost wealth of small investors☜Deregulation was improved the lot of small investors by enabling them to trade stocks more cheaply.☜98CE71

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Citerend uit: Barry Eichengreen
Geciteerd door: David Price 9:34 PM 24 September 2008 GMT
URL:

http://dailystaregypt.com/article.aspx?ArticleID=16596

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"Getting out of our current financial mess requires understanding how we got into it in the first place. The fundamental cause, according to the likes of John McCain, was greed and corruption on Wall Street. Though not one to deny the existence of such base motives, I would insist that the crisis has its roots in key policy decisions stretching back over decades.

In the United States, there were two key decisions. The first, in the 1970’s, deregulated commissions paid to stockbrokers. The second, in the 1990’s, removed the Glass-Steagall Act’s restrictions on mixing commercial and investment banking. In the days of fixed commissions, investment banks could make a comfortable living booking stock trades. Deregulation meant competition and thinner margins. Elimination of Glass-Steagall then allowed commercial banks to encroach on the investment banks’ other traditional preserves."

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Gemaakt door: David Price
NodeID: #6641
Node type: Position
Gemaakt op (GMT): 9/24/2008 9:31:00 PM
Laatste bewerking (GMT): 9/25/2008 9:09:00 PM
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