“The Banking Miracle” by Joe Nocera (TIMES, 6/18/11)

Kudos to Joe Nocera for explaining why and how the Glass-Steagall Act was passed in 1933. It renounced investment banking and created the Federal Deposit Insurance Corporation at the lowest point of the Great Depression, both of which restored public confidence in the nation’s banking system. It “helped keep the banks out of trouble for 70-plus years.”

When conservative elements overturned Glass-Steagall in this century, they allowed greedy Wall Street gamblers to play havoc with our financial system, which is a major cause of the economic downturn the United States is experiencing. 

Is there any way to bring this progressive legislation back?


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