Sunday, November 22, 2015

Quote of the day

McArdle:
Glass-Steagall’s major appeal is not that it would work, but that it can be explained in under a minute to someone who doesn’t know anything about financial markets. Try doing that with the Basel III capital requirements.

FLG's responses to the calls for Glass-Steagall's reinstatement have varied over the last, oh seven years, between scratching his head in confusion and apoplectic rage.   Rather than recapping all that, FLG'll just post this other quote...

On the Glass-Steagall, I’ve really thought about that because No. 1, nonbank banking was already a major part of American life at that time. Letting banks take investment positions I don’t think had much to do with this meltdown. And the more diversified institutions in general were better able to handle what happened.
...by Bill Clinton

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