FLASHBACK - CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS | WHAT REALLY HAPPENED

FLASHBACK - CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS

Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses.

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The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.

Webmaster's Commentary: 

As mentioned on the LNR radio show this evening.

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