glass steagall

[Dennis Breslin]

Doug Henwood wrote:
> 
> Carl Remick wrote:
> 
>> (snip)...why recreate the seamless web of
>> institutionalized chicanery that existed in the 1920s?
> 
> Look, I think it's time that folks on the American left, such as it
> is, rethought their relationship to the inherited wisdom of populism,
> one of whose sacred tenets is that a fragmented financial system is a
> beautiful thing. This is supposed to encourage dispersion of
> ownership and power. Has it? ....(snip)
> 
> Doug

I don't know about beautiful, but I don't quite understand your point.
Was glass steagal ever about dispersing power as opposed to risk or 
about reducing social inequality? And in any event what about the
question Carl Remick raises? 

I assume eliminating the glass steagal restrictions will create stronger
financial firms.  What benefits of this should the left endorse?

Dennis Breslin