Steven Pearlstein: Shattering the Glass-Steagall myth - The Washington Post
“So after the Great Depression, Congress wanted to put a firewall
between the [banks and the] investment banks. They wanted to make sure
that Wall Street could melt to the ground and the commercial banks
wouldn’t be touched. They passed a law, the Glass-Steagall Act. Now you
could be Gordon Gekko [tycoon in the movie “Wall Street] or George
Bailey [small-town banker in the movie classic, “It’s a Wonderful
Life”], but you couldn’t be both.”
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