My Glass-Steagall Tweetstorm

I almost never do tweetstorms, the form itself is utterly appalling. Especially when the tweets aren’t numbered and they appear in different people’s timelines in a disjointed, jumbled order.

But I accidentally did one this morning on the 83rd anniversary of the Banking Act of 1933, more commonly referred to as Glass-Steagall. On June 15th, 1933, with the nation in the throes of the Great Depression, there was some consensus on the part of economists, bankers and government officials that commercial lending institutions were too important to the real economy and real people’s jobs to be susceptible to the wild swings in the stock and bond markets.

We eventually unlearned this lesson and it’s been one of the driving factors for the state of the current economic and political situation.

My history lesson reconstructed from Twitter below:

 

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