Journal Says Wall Street Won't Tolerate Glass-Steagall

http://larouchepac.com/node/27406

Journal Says Wall Street Won't Tolerate Glass-Steagall

July 19, 2013 • 9:30AM

The latest financial outlet to declare that Wall Street will not allow Congress to restore the Glass-Steagall Act, is the Wall Street Journal's "Moneybeat" column July 18, with the schizophrenic title, "Glass-Steagall Is Necessary; the Argument For It Isn't."

Columnist David Weidner, who says he's a strong supporter of Glass-Steagall who "has made the argument for it many times," relates "a compelling narrative of why Glass-Steagall is such a necessary law. And why it isn't going to make a comeback." Wall Street will never allow it, Weidner intones. "Glass-Steagall would be the biggest threat ever to their industry, their compensation, and their way of life."

And, he concludes, they will spend hundreds of millions this year alone, to block it.