Obama needs to re-introduce Glass-Stegall

[keep_it_real]

Named after the two Democrat senators who sponsored it, Glass-Steagall prevented commercial banks – which take deposits from ordinary households and firms – from engaging in the high-risk speculative activities undertaken by investment banks.

Or at least it did – until 1999 when, after millions of dollars of political donations from investment banks, Glass-Steagall was repealed by then President Bill Clinton – at the urging of Robert Rubin, his Wall-Street trained Treasury Secretary.

Has Obama got the audacity to end the party and order the Wall Street denizens to behave? Will he reintroduce the necessary firewalls upon which the stability of Western banking depends? My instincts tell me he won't. But perhaps I'm just being miserable.

http://www.telegraph.co.uk/finance/comment/liamhalligan/4093698/Note-to-John-Humphrys-I-would-rather-be-miserable-than-wrong.html

[katanalori]

1. Yes...........

The bill to REPEAL Glass-Steagall was authored by Phil Graham (the creep attached to McCain throughout the campaign). It was rushed through, with no debate, at the end of Clinton's term. I am with you - we need it back.