By the way, when I worked for Bank of America Global Trading ('87-'91), I learned (as many of you probably already know) that the Glass-Steagall Act, passed during the First Great Depression, forbade banks from dealing in many kinds of securities, especially stocks. The intent was to add stability to financial markets by decoupling major market sectors.
But the Glass-Steagall Act was repealed in 1999.
I'm puzzled that I haven't encountered in the media anyone's mentioning that repeal as a possible factor in what's happening now.
Anyone have (non-partisan) comments on this?
--Dan
Dan, I've heard it mentioned many times. The main instigator in its repeal was Phil Gramm -- McCain's chief economic advisor (until recently) who characterized Americans as "a nation of whiners". Victor
_____________________________________________________________________ "It don't mean a thing if it ain't got that certain je ne sais quoi." --Peter Schickele
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