Episode 192 • • 1:16:18 - 1:19:25
192: Smoke Gets In Your Eyes
Glass-Steagall Act Repeal, Phil Gramm and Financial Meltdown
A C-SPAN caller questioned Senator Mike Johans on why the re-institution of the Glass-Steagall Act is not part of current financial reform legislation. The act, which separated commercial and investment banking, was repealed in 1999 under the Clinton administration with the help of Republican Senator Phil Gramm. Johans' refusal to support the act's return is cited as evidence of ongoing corruption within the financial regulatory system.