Glass-Steagall

[Brad De Long]

>The Fed doesn't have to say things like that, does it? Isn't that 
>part of where its head-knocking power comes from? They can make life 
>difficult for those who don't play along (e.g. Drexel in the late 
>1980s)...
>
>Doug

If it was the stick, then it becomes harder to object to the LTCM 
"arrangement"...

Brad DeLng