What They Referred to as "Depression Era" Banking, NYT

“The Glass-Steagall Act of 1933 was intended to prevent another market crash by prohibiting banks from selling and underwriting securities. But in practice it merely built a wall around banking, a barrier that reduced competition and raised fees in the closely related securities industry without adding to financial stability. Until recently, securities dealers who benefited from the separation have been able to prevent repeal”. Link

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