Finally! A capitalist has brought up the subject of the Class-Steagall Act of 1933 and it's repeal in 1999. Writing in Forbes.com, Barry Ritholtz of The Big Picture calls for the break-up of banks from investment houses. There's a good thumbnail sketch, in the Forbes article, of how we went from the depression era banking reforms, to over regulation, to Reagan's free market reforms and finally to the over-zealous libertarian free for all mess that we see today. I'm really starting to like this guy.
BTW, Glass and Steagall were both Democrats. I can say nice things about them sometimes. It's allowed.
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Is it asking too much to be governed by pragmatic non-idealogues?
Probably. Pragmatists tend to get steamrolled. Getting the government to stop micro-managing the economy might be the easier path.
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