Glass-Steagall becomes the ghost of Christmas Past
Why the law may never live again ...
The push to revive the Glass-Steagall Act is gaining traction, but the plan also has many opponents. Glass-Steagall, before its repeal, kept banks from commingling their investment and commercial businesses. The Huffington Post explains why a revival of the old law is unlikely:
"There is no single magic bullet to stop 'too big to fail," Senator Elizabeth Warren, D-Mass., said. "But the central premise behind a 21st century Glass-Steagall is to say, 'If you want to get out there and take risks, go and do it. But what you can't do is you can't get access to FDIC-insured deposits when you do.'"