Prof. Woods and other austrians have said that the Glass-Steagall act is a red herring in any discussion of the financial crisis.
However Stockman is saying the act needs to be reinstituted. So what is Stockman thinking here and is he correct?
I can’t figure out what he’s thinking. This article by Peter Wallison seems to sum it up. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1507803
Ok thanks for that. The article is quite good and helps explain in even the simple things so newbies can follow.
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