For over half a century, the Depression-era law known as Glass-Steagall kept traditional banks separate from the high-risk world of investment banks and hedge funds. Uncle Sam agreed to insure our deposits. And the banks, in return, agreed not to use these deposits for gambling in the Wall Street casino. That all changed with the industry-backed deregulation of the 1980s and \u201890s. Once again, banks gained the ability to play risky games with government-backed funds, setting the stage for the financial and economic meltdown of 2008.<\/p>\n
After Senators Elizabeth Warren, John McCain, Maria Cantwell, and Angus King introduced their bill to bring back Glass-Steagall, AFR and our allies wanted to show the strength of the support for making the biggest banks simpler and smaller and once again ending the public subsidy to Wall Street speculation.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":" For over half a century, the Depression-era law known as Glass-Steagall kept traditional banks separate from the high-risk world of investment banks and hedge funds. Uncle Sam agreed to insure our deposits. And the banks, in return, agreed not to … Continue reading ![\"Return](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2014\/08\/Return-to-Glass-Steagall-235x300.jpg\")
<\/a><\/p>\n