”œAs someone who voted to repeal Glass-Steagall, maybe that was a mistake,” Hoyer told reporters.
A renewal of the 1933 law ”œis certainly under discussion” by House members, Hoyer, a Maryland Democrat, told reporters in Washington. The Glass-Steagall law was repealed in 1999.
The real question is this: is it too late? It’s pretty clear the Democrats in Congress and in the White House are feeling the very real populist rage in the country about the Great Swindle of 2008-9. But I think more than anything, right now, the Democrats and the White House are feeling very, very betrayed by the bankers. Especially after they literally stood up the president today.
If Democrats like Hoyer are on board with something like this, well, it may not be too late.
Repeat after me: too big to fail, is too big to exist. Feels good to say it, doesn’t it Stenny?