MB Civic

from an editorial titled “The Big Banker’s Change of Heart” ..

We forcefully advocated the repeal of the Glass-Steagall Act. “Few economic historians now find the logic behind Glass-Steagall persuasive,” one editorial said in 1988. Another, in 1990, said that the notion that “banks and stocks were a dangerous mixture” “makes little sense now.” That year, we also said that the Glass-Steagall Act was one of two laws that “stifle commercial banks.” The other was the McFadden-Douglas Act, which prevented banks from opening branches across the nation. Having seen the results of this sweeping deregulation, we now think we were wrong to have supported it

.. in response here’s Matthew Rothschild .. How the New York Times Tries to Cover Its Ass on Glass-Steagall – mab