[Pen-l] Glass-Steagall

["David B. Shemano" <dshemano@xxxxxxxxxx>]

Both Raghu and Louis have now blamed or cited an article that blames the repeal of Glass-Steagall in part for the present crisis.  I understand the polemical argument made by polemicists against "deregulation" -- all is fair in politics -- but I expect better from the members of this list.  Please, somebody, give me a serious argument of how the repeal had anything to do with the present crisis.  Not an argument why repeal was bad public policy, but why it was a contributing cause to this crisis.

David Shemano

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