Finally Serious Discussions Of Banking Reform - Some In Congress Wish To Restore Glass Steagall

This is the first real discussion of true banking reform in the federal government. Ironically, it comes from John McCain. McCain's chief economic advisor during his Presidential campaign was Phil "I'm a Wall Street Stooge" Gramm who actually did more to dismantle our banking system than anyone I know of through his constant meddling as a politician under the influence. Apparently, McCain still has his faculties and has learned that common sense and reason applies to good governance.

A New York law firm remarks in this article that Glass Steagall would not have kept firms from failing. Now, I wonder where most New York law firms get the majority of their fees. Could that be an unbridled Wall Street? Either directly or indirectly? This position is either one of outright deception or ignorance.

Wall Street must be reformed beyond the ridiculously weak attempts at regulation undertaken by this current Congress and Presidency. Restoring existing regulation that was dismantled under the influence of lobbyists would be a first start. Our banking system should not be gambling with our savings. Overturning the Gramm-Leach-Bliley Act would be a big start in the right direction.

Link here.