9 years ago
6
Hillary Clinton’s Glass-Steagall
Hillary Clinton won’t propose reinstating a bank break-up law known as the Glass-Steagall Act – at least according to Alan Blinder, an economist who has been advising Clinton’s campaign. “You’re not...
Continue Reading
http://robertreich.org
-
Banking Act of 1933, commonly called Glass-Steagall
In the wake of the 1929 stock market crash and the subsequent Great Depression, Congress was concerned that commercial banking operations and the payments system were incurring losses from volatile equity markets.
Join the Discussion
The banks pretty much run the show. No one is going to bring back glass steagal it's not good for the banks.
There are a few who are working on restoring Glass-Steagal. In particular, Bernie Sanders and Elizabeth Warren.
Robert Reich had previously expressed hope that Hillary Clinton would return to her liberal roots and fight for us again. He's pointing out that her failure here is a mistake that will harm her relationship with Democratic voters.
The Clinton gang killed G-S...and is no longer valid
Yes they did, as part of their "pivot" to try to appeal to the conservative swing in American politics. But Hillary has been taking great pains to appeal to liberals again now that we're coming back. This is a mistake on her part if she wants to re-establish her credibility.
And she has credibility in any quarter?
Considering that she was the primary driver behind the original Clinton bill to implement universal health care (which Republicans named "Hillarycare") I'd say "yes." She's not that different from Bernie Sanders, she just has a more checkered past and has tried to straddle the fence on conflicting political ideologies. She's a professional politician, a Washington insider who has made plenty of mistakes but would still serve our interests better than most of the other candidates available.