Wednesday, January 4, 2012

Bring Back Boring Banks

The banking industry has too much power and not nearly enough transparency. Since the repeal of the Glass-Steagal Act in 1999, at the urging of Clinton's Treasury Sec'y Robert Rubin, markets have become so corrupted and unstable as to recall the circumstances of the Great depression that led to the law that separated commercial and investment banking back in 1933.

Obama's recess appointment to head the Consumer Financial Protection Agency, in response to GOP stonewalling, is a step in the right direction.

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