Prevent another crash, reform Wall Street.
by Martin O'Malley
Seven years after the Wall Street meltdown, Americans are still experiencing the fallout.
Although job creation rates and GDP — along with bank bonuses and corporate profits — are on the upswing, these statistics mask the lingering hardship of millions of families that traces back to Wall Street’s reckless behavior. One study found that the crash cost every American $120,000.
We were forced to save our economy by bailing out big banks. Now, we have a responsibility to correct the mistakes of our more recent past to prevent another crash.
To do that, we must acknowledge that — while it addressed inherent flaws in the financial system — the 2010 Dodd-Frank Act did not go far enough.
The most serious structural reform we can make is reinstating the 1933 Glass-Steagall Act that kept commercial banks separate from investment banks.
http://www.desmoinesregister.com/story/opinion/columnists/caucus/2015/03/20/prevent-another-crash-reform-wall-street/25057735/
= new reply since forum marked as read
