To the editor:
The Glass-Steagall Act of 1933 legislation outlawed shaky bank practices that were responsible for the Great Depression. This act brought 80 years of stability and prosperity to the country. Hillary Clinton's repeal of this act in her administration resulted in the Great Recession in only less than 10 years. This taxpayer-financed bail out of "too big to fail" banks and subsequent economic collapse is a condition that we are still trying recover from but it is a burdensome condition that still haunts us.
The Dodd-Frank Act attempts to protect the public from risky practices (such as derivatives) that can bring about big short-term profits and huge executive bonuses while leaving the burden of cost to customers and taxpayers. This act, however, doesn't fully restore the Glass-Steagall of the 1930s. Wall Street still persists in lobbying Congress with all the influence it can muster to remove even these modest safe guards.
The Glass-Steagall Act of 1933 legislation outlawed shaky bank practices that were responsible for the Great Depression. This act brought 80 years of stability and prosperity to the country. Hillary Clinton's repeal of this act in her administration resulted in the Great Recession in only less than 10 years. This taxpayer-financed bail out of "too big to fail" banks and subsequent economic collapse is a condition that we are still trying recover from but it is a burdensome condition that still haunts us.
The Dodd-Frank Act attempts to protect the public from risky practices (such as derivatives) that can bring about big short-term profits and huge executive bonuses while leaving the burden of cost to customers and taxpayers. This act, however, doesn't fully restore the Glass-Steagall of the 1930s. Wall Street still persists in lobbying Congress with all the influence it can muster to remove even these modest safe guards.
