20th Century
In 1929, the reasons the stock market crashed parrelelled the reasons during the 2008 financial crisis: underwriting. In 1929, it caused Black Tuesday and directly led to the Great Depression, and arguably WWII.
June 16, 1933, Glass-Steagall was enacted to prevent it from ever happening again.
June 6, 1934, the SEC was created in the United States.
1999 – The Repeal of Glass-Steagall was hidden in consumer protection legislation
21st Century
2008 – Underwriting Causes Financial Crisis. Too-Big-To-Fail is now a tactic used to ransom everyone’s money if a bad bet was placed, or a faulty system was upheld.
2021 – PFOF Brokers PCO target stocks, tanking their value leaving retail investors as the bag holders. Cascading Bank failure a risk.
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Gary Gensler, Chairman of the SEC, says that they had to protect the clearinghouse.
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The Former Chairman of the SEC, Michael Piwowar discusses cascading bank failure
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Then, CNBC edits the live feed of US Congressional Hearing, specifically taking out this part
Proof of CNBC Live Edit:
