Don't You Think It's Time to Reinstate the Laws That Would Have Prevented the Financial Crash?

By Nomi Prins, AlterNet
Posted on November 14, 2009, Printed on November 14, 2009
http://www.alternet.org/story/143942/

This week marks the tenth year anniversary of the repeal of the Glass-Steagall Act of 1933, by the Gramm-Leach-Bliley or Financial Services Modernization Act, marking the moment when we were royally screwed by the banking system. Thank you to all those involved.

It's amazing how downright ebullient, President Bill Clinton was at that signing ceremony on November 12, 1999. an event introduced by then Treasury Secretary (now Obama advisor) Larry Summers, successor to Robert Rubin. Those restricting, anti-competitive Depression era, laws were finally behind us. Awesome.