By Robert Reich, Robert Reich's Blog
26 October 11
Wall Street is still out of control, and why Obama should call for Glass-Steagall and a breakup of big banks.
ext week President Obama travels to Wall Street where he'll demand - in light of the Street's continuing antics since the bailout, as well as its role in watering-down the Volcker rule - that the Glass-Steagall Act be resurrected and big banks be broken up.
I'm kidding. But it would be a smart move - politically and economically.
Politically smart because Mitt Romney is almost sure to be the Republican nominee, and Romney is the poster child for the pump-and-dump mentality that's infected the financial industry and continues to jeopardize the American economy.
Romney was CEO of Bain & Company - a private-equity fund that bought up companies, fired employees to save money and boost performance, and then resold the firms at a nice markups.READ MORE
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