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by Im Alec has abandoned this account on September 25th, 2008
Because it was a false protection - it did not fix the problem it was supposed to fix. The four big investment banks, the ones that Glass Steagal created to be diffeernt commercial banks have either failed, been take over, or turned themselves into mixed banks.
It is widely believed amongst financial theorists that the reason for the Depression was that goverment dod exactly the *wrong* thing in response to the Crash of 1929. They responded to the fire going out by pouring water on it. The allegedly correct respons is to put a bit more fuel on.
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You're reading The Glass Stegal act of 1933 was designed to protect us. Why did Clinton repeal it?
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