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Sunday, March 08, 2009

Working On A Long Post

In response to the questions about why I think Glass-Steagall is necessary.

I'm not ignoring you, but this is somewhat long and is taking me time.

The really short answer is that you have to separate risks in order to identify them and protect against them. For example, letting all the big investment banks reorganize as banks or be sold to commercial banks introduces a whole new level of conglomerated risk.

It's either that, or the government takes over the whole banking industry. The realization is beginning to sink in that our government isn't up to that.

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