Laudato Si
Though I have commented on it once or twice before, the more I learn about Glass-Steagle, the more I am convinced it played no part in the economic crisis of 2008. Tom Woods addresses it only briefly in his book Meltdown, but David Stockman’s book The Great Deformation explains how the reality of fiat currency is the true root of the financial mismanagement of 2008 – Glass-Steagle is merely one of the branches that people use as a scapegoat. In fact, several financial autopsies have revealed that of all of the banks that met their end (or bailout) with the culmination of the housing bubble, only a small handful were melding the commercial and investment sides of the financial line. Other than these the losses were mainly to commercial banks, which created an economic waterfall effect to investment banks as people lost their shirts due to cash flow problems and subsequent property liquidation…
My only complaint about the above: who is going to believe anything someone at the Ayn Rand Institute has to say…?