Congress to reinstate Glass-Steagall? If only!

The Glass-Steagall Act was a longstanding federal law that prohibited bank holding companies from owning other financial firms. However, the right-wing Congress of 1999 repealed this law.

This repeal had little fanfare, because who wanted to be associated with bank deregulation?

This repeal facilitated the formation of the embattled Citigroup - which formed from the merger of Citicorp and Travelers Group.

What gnawing need was there to repeal Glass-Steagall? Here's a hint: none. Much like how there was no urgent need to pass the far-right 1996 Telecommunications Act, but Congress passed it anyway.

Now, House Democratic leader Steny Hoyer says Congress is seriously considering bringing back Glass-Steagal - following the ongoing greed-driven abuses by big banks.

Uh, Steny? You voted to repeal it in '99, remember? There's no use now in Steny Hoyer wringing his hands about what a mistake it was to repeal it, considering he backed its repeal.

Since this is the Congress of the "strongly-worded letter", I'll believe Glass-Steagal is reinstated when I see it.

(Source: http://www.bloomberg.com/apps/news?pid=20601087&sid=arMrSVjq4cts&pos=3)