2016 Postmortem
In reply to the discussion: OMG! Shut Barney Frank up! Anybody see him vs Reich today? [View all]appalachiablue
(41,131 posts)becoming loud and aggressive, claiming Bernie was 'McCarthyite', and repeatedly saying breaking up the big banks would be harmful. It was really embarrassing, I've never seen him that unhinged before. This is clearly a very important issue to him and the banking industry he now works for as a board member of the Signature Bank of New York.
The repeal of Glass-Steagall in 1999 deregulated the banks to allow wider involvement with high risk derivative products like MBS and CDOs fueling the Great Burndown of 2008.
As Reich brought up, even high level bankers on Wall Street like a former Goldman Sachs exec & powerhouse Sandy Weill, ex chief of Citibank have called since 2008 for the revival of Glass-Steagall, the 1933 Banking Act under FDR.