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Pam and Russ Martens: New book shows how repeal of Glass-Steagall re-corrupted banking system
By Pam and Russ Martens
Wall Street on Parade
Tuesday, October 13, 2020
It has been the contention of Wall Street On Parade for more than a decade that today's so-called "universal banks," also variously known as megabanks or Global Systemically Important Banks (G-SIBs), are a banking model from Hell that was thoroughly discredited in the tens of thousands of transcripts and documents released by the U.S. Senate following its multi-year investigation of that structure in the early 1930s.
Now the seminal book proving that theory has just been published. Written by Arthur E. Wilmarth, Jr. and titled "Taming the Megabanks: Why We Need a New Glass-Steagall Act," the book brilliantly takes the reader through a riveting guided tour covering the past century and the resurrection of this same disastrous U.S. banking model in 1999.
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Oxford University Press is the publisher of Wilmarth's book. We can envision it becoming one of the most important works of this century in providing the impetus for Congress to finally restore the Glass-Steagall Act -- the 1933 to 1999 law that mandated the separation of stock trading and stock underwriting firms from federally-insured, deposit-taking banks.
That legislation protected the U.S. financial system for 66 years. It took just nine years after its repeal for the universal banks on Wall Street to blow up the financial system in a replay of 1929, taking the U.S. economy along for the gut-wrenching ride.
Wilmarth's writing is so insightful and profound in its analysis of the similarities between the banks of the late 1920s and today that it feels like the ghost of Ferdinand Pecora might have been whispering in Wilmarth's ear. Pecora was a former prosecutor from New York who was chosen to preside over much of the early 1930s Senate banking hearings and investigations of the corrupt Wall Street structure that led to the 1929 crash and Great Depression. ...
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