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News Link • Economy - Economics USA

Glass-Steagall Must be Restored

• arclein
America is a sparsely developed and grossly underpopulated British former colony; it became the world’s leading industrial and commercial banking system originated by George Washington’s treasury secretary, Alexander Hamilton. The 1933 Glass-Steagall Act was a return to Hamilton’s principles of national banking after Wall Street had taken the country astray in the 1920s, leading to collapse. Dimon and fellow bankers did that again after Glass-Steagall’s repeal in 1998, with the catastrophic result. Re-enactment of the “American System” Glass-Steagall legislation should have been accomplished by now. It prevented government–insured commercial bank deposits from being used by speculation by investment firms.

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