Tuesday, October 25, 2011

More To Consider

1 comment:

Anonymous said...

Great montage, thanks for sharing that.

Reinstating Glass-Steagall should be a no-brainer. But, with both parties on the take from Wall Street, neither Democrats or Republicans will hear this demand. There's the added issue (which this film avoids) that it was Clinton (not Reagan, as the film implies) who signed the repeal. Both parties are responsible for the repeal, and Clinton (for one) personally profited mightily for his signature on Gramm-Leach.

Nov. 12, 1999, now there's a date they should commerorate with the emergency klaxons.

Neither party wants to bring up the history oc Glass-Steagall, and so we get sidesteps like the Volcker Rule and Warren gets the boot. With all due respect to Volcker, his namesake workaround fails to establish a bright line between banking and speculation, between insurance of deposits and socialized risk.

Nothing prevents a repeat of 2008, particularly with globalized risks. Our exposure to Europe's similar, but perhaps even wackier, casino style banking system puts everyone's money on the table.