Thursday, April 9, 2009
The Glass-Steagall Act...
...that separated commercial from investment banking in the U. S. was repealed in 1999. This has been widely cited as one of the many causes of the current mess we're in. But the American model is the exception; universal banks are the rule in Europe and the Far East. Why don't they feel the need to have a version of Glass-Steagall?
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