Foundation 9: How Banking Regulations Impact Our Daily Lives

How does legislation enacted in 1933 impact your life today?   Does that influence get bigger or smaller if you hear that legislation was repealed in 1999?   The truth is this one piece of regulation has dramatic repercussions on how you approach creating the financial future you want.   As they say, those who do not learn from history are doomed to repeat it. Are we repeating one of the biggest mistakes in American history?   The only thing we can say is what you think is the mistake probably isn't. Listen in to peak behind the curtain.   00:00 Introduction: The Impact of the 1929 Stock Market Crash 00:22 Alex's Story: A Personal Tale of Financial Turmoil 03:51 Understanding the Glass Steagall Act 06:56 The Lax Enforcement and Repeal of Glass Steagall 08:48 Personal Experience: Working in Finance 11:10 The Great Depression and the Glass Steagall Act 13:01 Modern Financial Speculation and Regulation 16:31 The Alternative Financial System   p.s. Due to more recent changes in banking regulation, the reserve requirements for banks are super low. Chances are your bank might have 0 reserves (source). How does that make you feel?   Links mentioned in the episode: Grab your very own copy of Five Smooth Stones here: https://www.wealthwisdomfp.com/shop (physical and digital versions available) Schedule a Discovery Call with us here: https://www.wealthwisdomfp.com/call   Watch this episode on YouTube here: https://youtu.be/IyaKng6nHTI