In The New York Times here.
Showing posts with label Joe Nocera. Show all posts
Showing posts with label Joe Nocera. Show all posts
Tuesday, September 29, 2015
Saturday, June 18, 2011
Joe Nocera Takes a Look at the Passage of the Glass-Steagall Act in 1933
For The New York Times, here.
Glass-Steagall separated investment banking from commercial banking and created the FDIC to protect the latter.
Nocera fails to note how the abolition of Glass-Steagall in our time left the FDIC in place to protect the former, which leaves taxpayers on the hook for the speculative failures of the trading desks of the big banks.
He poo-poos the Republican charge in 1933 that it all amounted to socialism. He's right. It's fascism, and it has gotten a whole lot worse.
Subscribe to:
Posts (Atom)