, Columnist
Breaking Up the Banks Offers a Lot to Like
It's an idea that appeals to both the political left and the right.
And you thinking breaking banks is hard.
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One of the great misunderstandings about the financial crisis is the role that repealing the Glass-Steagall Act played. This is newly relevant, as there has been interest from White House economic adviser Gary Cohn in restoring the Depression-era legislation. President Donald Trump is said to want to keep his campaign promise to restore Glass-Steagall as well.
As someone who (literally) wrote a book on the subject, it’s a good time to revisit the actual impact of the repeal1491579323095, and what its resurrection might mean to banks, investors, Wall Street and taxpayers.