Don’t you ever wonder if the Clinton “fabulous financial years” weren’t just a facade because the banks let him look good while they were making changes to screw America???
In May, Robert Reich, former Labor Secretary, listed restoration of Glass-Stegall as a key Presidential candidacy criterion. Reich was in Iowa for the Raising Wages/Working Families Summit – the first of a national series – where he was the featured speaker.
The reinstatement of Glass–Steagall is steadily gathering public support. A bipartisan group of senators and congressman are proposing the “21st Century Glass-Steagall Act” in an effort to curb the power of big banks by reinstating a Depression-era rule that separated commercial and investment banking. Some believe that Glass-Steagall is the essential first step in dealing with the crises in employment, wages, and living standards in the United States.
Enacted during the Great Depression, the Glass-Steagall Act prevented commercial deposit banks, which are insured by taxpayer money through the Federal Deposit Insurance Corp (FDIC), from engaging in insurance and risky investment activities.
The 1999 repeal of Glass-Steagall, which…
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