A Requiem For Glass Steagall

Let me offer a few kind words for the Glass-Steagall Act before it enters the dustbin of history. With its repeal, commercial banks, investment banks, retail brokerages, and insurance companies are now free to enter each other's lines of business. More to the point, they are free to merge with one another. But I'm betting that there will be times in coming years when we wish Congress hadn't acted.

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