Who Repealed the Glass-Steagall Act?

[Octafish]

34. Watch Bill Clinton, Larry Summers, and Phil Gramm Have a Love Fest Over Repeal of Glass Steagall

per Yves Smith, Naked Capitalism, April 28, 2016:

EXCERPT...

But even allowing for the fact that some and probably most of the gains were real, you’ll see Clinton try to sell a Big Lie: that productivity gains were tied to increased worker prosperity. As numerous commentators pointed out, that story had stopped being true as of roughly 1976. Businesses once did share the benefits of productivity gains with workers, but as labor bargaining power weakened, kept it for themselves. Clinton continues with his canards, praising “open borders” as keeping inflation low. The mechanism by which inflation is contained is by restricting wage growth. A prosperous, full employment economy will feature strong growth in pay levels, and will at some point lead to pricing pressure (mind you, profit levels in the US are now so far outside historical norms that businesses could go a long way in increasing wages if they weren’t so greedy). So his low inflation story is again at odds with his effort to depict everything as rosy for average workers.

SNIP...

The large point is the Clintons have been loyal followers of the Robert Rubin school of thinking, that bankers should run the economy, not just ours but everywhere. And he and his acolytes have been extremely successful in promoting finance-friendly policies around the world. And despite the wreckage of the global financial crisis, there has been little change in either the fealty to neoliberal ideology or the power of financiers. But both are seen as less and less legitimate by broader society, which is a key first step in reducing their influence.

Funny how many "fathers and mothers" the repeal of Glass Steagall had before the crash it caused. Guess who paid the $24 trillion it cost?

Wars Without End. Millions tossed from homes. Gig Economy and McJobs Only.

It's not just American Democracy, it's a Planet Run By Banksters and Warmongers.