Tuesday, July 3, 2012

Quotation for Today: Yes, Congress Needs to Reinstate the Glass-Steagall Act

The quotation for today captures the essence of the banks' roles in the current, ongoing financial crisis that has wrought great havoc and intense pain on the American people.  The current financial crisis didn't have to happen; it was facilitated by the intense and unholy alliance between the Congress of the United States and Wall Street bankers.
"If these rates are rigged, markets are rigged — against bank customers, like everyday borrowers, and against parties on the other side of a bank’s derivatives deals, like pension funds."

The New York Times

"Rigged Rates, Rigged Markets." Editorial. The New York Times 2 July 2012: online U.S. edition.

Related article: 

"If you’re looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act." 

William Kaufman.

Kaufman, William. "Shattering the Glass-Steagall Act." Counterpunch 19-21 September 2008: online edition.

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