Glass-Steagall restrained banks from creating churn, pyramids, and inventing product beyond their means.
Should a bank guaranteed by public funds and the FDIC be active operators in speculative markets? Or should they be confined to the more conservative realms of commercial banks as they were under the Glass – Steagall regime?
We think the answer is obvious, especially given the fact that a great deal of the problems we face today are a direct result of the repeal of Glass-Steagall and the mixing of public funds with private greed in a coopted political and regulatory regime.
…and selling product beyond our means.