Well written. I think its important to note that while the hard separation of commercial banks and investment banks in Glass-Steagall technically happened under FDR, the technocrats in the administration were opposed to it, FDR seems to mostly have shared there opinions but he deferred to Congress, most of all to Carter Glass but to others as well, and there was strong public opinion n favor of it as well that directly acted through the mechanisms of the old decentralized and publicly accessible mass-member parties to force public debate on the matter and then force it through. But the public were told by many, including people like John Maynard Keynes that this shouldnt be done, instead we should have a highly complicated collection of evolving rules that a quasi-governmental agency in partnership with the banks would determine when and where and by how much the investment banks could use cb money (the agency(ies) were going to do all these other finance things s well). The public was right and the technocrats, bankers and Keynes were wrong
Well written. I think its important to note that while the hard separation of commercial banks and investment banks in Glass-Steagall technically happened under FDR, the technocrats in the administration were opposed to it, FDR seems to mostly have shared there opinions but he deferred to Congress, most of all to Carter Glass but to others as well, and there was strong public opinion n favor of it as well that *directly* acted through the mechanisms of the old decentralized and publicly accessible mass-member parties to force public debate on the matter and then force it through. But the public were told by many, including people like John Maynard Keynes that this shouldnt be done, instead we should have a highly complicated collection of evolving rules that a quasi-governmental agency in partnership with the banks would determine when and where and by how much the investment banks could use cb money (the agency(ies) were going to do all these other finance things s well). The public was right and the technocrats, bankers and Keynes were wrong
Excellent points. Thanks.
Well written. I think its important to note that while the hard separation of commercial banks and investment banks in Glass-Steagall technically happened under FDR, the technocrats in the administration were opposed to it, FDR seems to mostly have shared there opinions but he deferred to Congress, most of all to Carter Glass but to others as well, and there was strong public opinion n favor of it as well that directly acted through the mechanisms of the old decentralized and publicly accessible mass-member parties to force public debate on the matter and then force it through. But the public were told by many, including people like John Maynard Keynes that this shouldnt be done, instead we should have a highly complicated collection of evolving rules that a quasi-governmental agency in partnership with the banks would determine when and where and by how much the investment banks could use cb money (the agency(ies) were going to do all these other finance things s well). The public was right and the technocrats, bankers and Keynes were wrong
Well written. I think its important to note that while the hard separation of commercial banks and investment banks in Glass-Steagall technically happened under FDR, the technocrats in the administration were opposed to it, FDR seems to mostly have shared there opinions but he deferred to Congress, most of all to Carter Glass but to others as well, and there was strong public opinion n favor of it as well that *directly* acted through the mechanisms of the old decentralized and publicly accessible mass-member parties to force public debate on the matter and then force it through. But the public were told by many, including people like John Maynard Keynes that this shouldnt be done, instead we should have a highly complicated collection of evolving rules that a quasi-governmental agency in partnership with the banks would determine when and where and by how much the investment banks could use cb money (the agency(ies) were going to do all these other finance things s well). The public was right and the technocrats, bankers and Keynes were wrong