CB,
I'd be curious to get Dr. Subrick's take on Glass-Steagal. The repeal of Glass-Steagal in 1999 was a watershed event for the free trade types. I seriously view the repeal as one of the greatest risks that American capitalism and the American taxpayer faces. For example, in the case of Enron's off shore partnerships, JP Morgan Chase and Citibank were counterparties to Enron, and were given privileged information on ENE's financial positions that were not made available to the SEC, or the general public.
Due to ersatz, one-way Chinese walls, the brokerage clients of JP Morgan and Citibank weren't told of the actual truth of the ENE's financial condition. This was duplicitous, unethical but legal, from all I can find out.
You know, CB, theoretically free markets seem like a swell idea. The problem that I see is that most of the practitioners of it are lying, cheating, dissembling, hiding behind corporate veils and basically acting as unfairly as humanly possible in their dealings, for the sake of greed and community be damned. I find this to be not much of a basis for a vibrant economic system. I take it you don't see it this way.
-Ray |
