In response to:

Did Glass-Steagall Put a Man on the Moon?

georip Wrote: Jul 30, 2012 10:12 PM
The godfather of "too big to fail" mega-banks has made a turnaround too big to miss. Sandy Weill successfully lobbied Congress to tear down the walls between Main Street banks and Wall Street -- the safeguard established by the Glass-Steagall Act. He then proceeded to build Citibank into the financial behemoth Citigroup. But now Weill has come out on national television against the very changes he had advocated, which helped create the "too big to fail" financial giants: "What we should probably do is go and split up investment banking from banking...Have banks do something that's not going to risk the taxpayer dollars, that's not too big to fail."
georip Wrote: Jul 30, 2012 10:12 PM
Of course, that is precisely what Glass-Steagall had done, and in doing so gave us more than a half-century without a significant financial crisis, laying the foundation for the most consistent economic growth in our nation's history. When an original architect of "too big to fail" declares a need to end the system he helped create, we know

I have to admit I have yet to view an entire episode of Aaron Sorkin’s The Newsroom, as I find a sufficient amount of fiction on the real news.  As Cato scholar Trevor Burris recently illustrated, the show plays pretty loose with the facts, completely distorting the substance of Citizens United.

The show’s recent explanation of the Glass-Steagall Act, which separated investment and commercial banking, is actually a fairly accurate portrayal of the religious-like devotion expressed by proponents of Glass-Steagall. During the short segment, which you can view here, we are led...