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Financial Times Pushes Harder For Glass-Steagall
Following its July 12 editorial endorsing Glass- Steagall ("and not just for the U.S."), London's Financial Times ran a July 14 article entitled "Markets make best case for Glass-Steagall."
FT: Repeal of FDR's Glass-Steagall led to disaster.
Among its arguments for reinstating Roosevelt's Glass Steagall law, FT says the 1999 repeal of Glass-Steagall led to disaster for stockholders, the super-concentration of banking institutions, and the bailouts of the speculators.
FT points out that in the "Glass Steagall era" before repeal, "there were hardly any bank runs (and economic growth was steady)" compared to the previous decades when "bank runs had been endemic in the U.S. Deposit Insurance, and a requirement that banks that took deposits could not also play at investment banking, vanquished that problem."
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Following its July 12 editorial endorsing Glass- Steagall ("and not just for the U.S."), London's Financial Times ran a July 14 article entitled "Markets make best case for Glass-Steagall."
FT: Repeal of FDR's Glass-Steagall led to disaster.
Among its arguments for reinstating Roosevelt's Glass Steagall law, FT says the 1999 repeal of Glass-Steagall led to disaster for stockholders, the super-concentration of banking institutions, and the bailouts of the speculators.
FT points out that in the "Glass Steagall era" before repeal, "there were hardly any bank runs (and economic growth was steady)" compared to the previous decades when "bank runs had been endemic in the U.S. Deposit Insurance, and a requirement that banks that took deposits could not also play at investment banking, vanquished that problem."
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