Glass-Steagall

[Michael Perelman]

Doug, one of the difference between today's banks and both Morgan's
operations and the big European banks is that the former are stock driven.
The supposed benefit of the Japanese and German big banks was that they took
a longer view, which is not inconsistent with giving a better deal to labor.

The new system is likely to bring to the fore people with the foresight of
Chainsaw Al.

Doug Henwood wrote:


> At the end of his book The Morgans, Vincent Carosso quotes an unnamed
> socialist as saying on J.P. Morgan's death: "Many men have cursed Mr.
> Morgan because of his control of the money of the world, but never a
> socialist. We grieve that he could not live longer, to further
> organize the productive forces of the world, because he proved in
> practice what we hold in theory, that competition is not essential to
> trade and development."

--

Michael Perelman
Economics Department
California State University
michael at ecst.csuchico.edu
Chico, CA 95929
530-898-5321
fax 530-898-5901