Tuesday, July 26, 2016

Political Agreement in an Election Year?

It's pretty astonishing, but the two parties actually agree on something, and IMO it's actually a very good idea. Both the Democratic and GOP platforms call for the reintroduction of the Glass Steagall Act as a sign of a strong (and rare) bi-partisan consensus that Wall Street's big banks are out of control.


It's been a while since I've said it, but do remember that banks are the enemy.

1 comment:

rabidgandhi said...

Whilst I very much agree that reinstating Glass-Steagell would be overwhelmingly positive, I'm going to take a few issues with this post:

1. The Democrat platform calls not for reintroduction but for a "modernised and updated version of Glass-Steagall"-- whatever that means. Plenty of wiggle room for Ms Clinton's big-bank donors there.

2. The person whom Ms Clinton has said she will be putting "in charge of the economy" is none other than William Jefferson Clinton, the same person who signed the The Gramm–Leach–Bliley Act in 1999, which was the definitive stake in the heart of Glass-Steagall.

3. This idea that the Democrat and Republican parties rarely agree is 180° from the actual facts. On most major US policies (foreign interventions, defunding of social security, corporate subsidies, Israel, QE/ZIRP, nuclear weapons, "free trade agreements", Nato expansion...) the 2 major parties are in virtual lockstep-- and very much out of step with what the US public is consistently polled as wanting.