"Dave" wrote in message
news
On Thu, 18 Sep 2008 16:33:15 -0400, Gogarty
said:


I used to write extensively for banking and finance magazines.
Glass/Steagall
is no buzz word.

So how is Gramm-Leach-Bliley responsible for the current mortgage-related
securities problems?


I take the following from a comment on
http://www.newsweek.com/id/159346/page/1.

The Gramm-Leach-Biley Act stripped away the regulations separating banking
from investment companies, insurance companies and mortgage guaranty
companies. Those regulations were added after the Great Depression when it
became obvious that allowing banks to be in bed with the stock market was a
sure way to rig the system to collapse, as it did in 1929.

--
"j" ganz @@
www.sailnow.com