While I am truly an old geezer, being born in the middle of the Depression; and while I was not old enough to truly understand all that took place, I was close enough to the Depression to believe any story I have heard or read in the years since. Regrettably, folks born after World War II have heard little and believe less. It really was that bad.
In 1933, in an attempt to head off another stock market disaster like 1929, Senators Glass and Steagall created and passed a bill separating banks and stock brokers. As you doubtless know, Wall Street likes to make money, which is a commendable idea, within limits; and Glass-Steagall were those limits.
Wall Street doesn't like being limited, and in 1999 Senators Gram, Leach, and Bliley presented and passed a law repealing Glass-Steagall. That alone did not cause the recent meltdown but was a large part of it. Now, Wall Street is right back betting the bank reserves. And why not? Washington has all that tax money to bail them out if they fail.
Bills have been presented in Congress to re-enact Glass-Steagall, but none have survived. Do you still think that Wall Street has no leverage in Washington?
I am reluctant to suggest "Vote 'em all out," because there are a few good Democrats and several good Republicans. However, there is no doubt that Washington needs a good house cleaning.
Phillip G. Miller, Montandon
