David Weidner: A return to Glass-Steagall in the U.S. would effectively force the world to separate traditional banking from casino banking.
That system would be attractive to both sides. The banking system that holds our loans, our deposits, debts and assets would be separate from a Wild West free market unfettered by bank regulators and their constant worries about risk.
So why can’t the big financial institutions get behind this one? Simple. They want to gamble your money in the casino.
via Dimon may be ‘stupid,’ but he’s right on banks – David Weidner’s Writing on the Wall – MarketWatch.