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More Coverage of Possible Glass-Steagall ‘Revolution’

May 4, 2017 (EIRNS)—As we had indicated last week, there would be not just attacks on the reinstatement of the 1933 Glass-Steagall banking separation law, but rather an escalating pattern of endorsement of Glass-Steagall. Today, three article refer to Glass-Steagall, and two of the three refer to Glass-Steagall as a "Revolution."

The "Ring of Fire" network includes an interview with economist Dr. Richard Wolff, under the headline, "Is the Glass-Steagall Revolution At Hand?" The interview is introduced with the blurb, "New York State has become the 17th state where memorials demanding the reinstatement of Glass-Steagall have been introduced. Will it be enacted before the next crash?"

In a separate article in Investipedia, Citadel’s CEO Ken Griffin said that "it is his fantasy to break up big banks," echoing similar statements by President Donald Trump. In an interview with Bloomberg TV, the hedge fund manager explained that since an overly concentrated market reduces competition, it is a disservice to a free economy. Griffin furthermore elaborated that he is in favor of separating investment banks from commercial banks, for a new Glass-Steagall Act, instead of simply breaking the big banks into many, many small banks.

Lastly, an internet publication, Market Mogul, states that "the reintroduction of the Glass-Steagall Act or something similar to it, would probably be the biggest economic revolution of the last fifty years, which could put an end to that fictitious world that is finance, too often governed by greedy speculators and players who have no interest for the common good."