Absent Glass-Steagall, banks could purchase anything from an aluminum company to a fast food franchise and (indirectly) fund its acquisitions and operations with federally-subsidized deposits. If you run an independent aluminum company or fast food franchise do you want to have to compete with a federally-subsidized rival?
This week was a week of comebacks, some welcome, some less so. At the U.N., Malala Yousafzai, the Pakistani teen who was shot by the Taliban for promoting girls' education, marked her 16th birthday by giving an inspiring speech. Less welcome was the comeback by the Texas anti-choice bill, which passed on Friday. In Moscow, accused NSA leaker Edward Snowden emerged at Moscow's Sheremetyevo airport to ask Russia for asylum. Closer to home, former governor Eliot Spitzer announced his bid for New York City comptroller, and former New Jersey governor Jim McGreevey joined the Jersey City cabinet. And that's a good thing -- further restricting our pool of leaders to flawless robots won't help us meet our challenges. Speaking of challenges, the unlikely Senate duo of Elizabeth Warren and John McCain introduced a bill pushing for Glass-Steagall to make a comeback. Passage is considered unlikely, but, then, so was the unlikely pairing of sharks and tornadoes. Until now.