As President Trump and his Chairman of the National Economic Council, Gary Cohn, join Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Angus King (I-ME) and Maria Cantwell (D-WA) in talking about “breaking up the too-big-to-fail banks” and bringing back “a Glass Steagall-type law,” we thought it would be useful to address the following questions:
What is Glass-Steagall?
What happened to the Glass-Steagall law?
What happened when Glass-Stegall was repealed?
What did all this have to do with the financial crash in 2008?
Who is against the reinstatement of Glass-Steagall-like protections? What are the arguments against doing that?