Wednesday, July 25, 2012

Re-Enact Glass-Steagall

This is important.  Sanford "Sandy" Weill gave an interview on CNBC today, in which he in essence called to re-enact the banking restrictions that he had a big part in repealing in the 1990s.  

Although many economists, commentators and a few politicians (particularly Elizabeth Warren) have argued that banks need to be restricted, some even calling for bringing back the Glass-Steagall Act of 1933, Weill's position gives him an insider's view and provides unequaled credibility in what is beginning to look like a genuine debate on the US' financial structure.  

Could it be that good sense and public opinion will lead to real reform?  It's too early to be optimistic, but at least the task no longer appears hopeless.  

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