The Big Picture: "In case you missed it, Joe Nocera had an outstanding column in Saturday’s NYT. It began with that quote above, circa January 1933. Yes, the banking industry has been railing about regulation for nearly a century. What they really want is to have it both ways — as little regulation as possible, but Taxpayer Bailouts there when they periodically blow themselves up.
But the heart of Nocera’s column discusses how unique the Glass Steagall act was, changing the banking environment form one of speculation (and massive depositor losses) to a boring, modestly profitable, cornerstone of the national economy."
Click through and read Barry's article, then click through to the Nocera piece. Obomba has indeed turned out to be the Manchurian Candidate.
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