In my current editor’s letter, I mentioned in passing that a return to a Glass-Steagall type of regulatory framework would not be a practical solution for the too-big-to-fail problem. During the copy-editing process (yes, we have that), a couple of people asked me why.
So in a nutshell, here it is: Even with a law separating commercial banking from investment banking and insurance, I don’t believe we’re prepared to leave the big, systemically important companies out in the cold in times of trouble.
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