Tornado Alley (PROG)

[Mariner*]

Exactly. Alas, history has to repeat itself over and over again.

The Glass-Steagall Act was put in place under FDR, that nemesis of all who believe that the economy is self-correcting and must not be touched by human hands, except the hands of the ones raking in the profits. The act prevented banks with consumer deposits from making risky investments. It was overturned in the drive to deregulate. Now the gambling with depositors’ personal savings could roar ahead. So did the profitable shifting between top finance and top government positions, key to establishing agreeable rules and later earning agreeable incomes.

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