Renewed Embrace of Glass-Steagall Act
December 18, 2009 — “Let’s make banking boring again,” writes David Reilly at Bloomberg News.
“That is the noble goal of those calling for a return to the days when the Glass-Steagall Act separated commercial and investment banking.”
“The idea is that banks taking deposits insured by the Federal Deposit Insurance Corp., and so backed by taxpayers, shouldn’t play in the capital-markets casino.”
“To really achieve this, though, legislators may have to do more than restrict what banks can do. They may have to bring Wall Street back to life.” Continue reading…
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