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Kid Berwyn

(25,391 posts)
6. "Integrity is for paupers." -- NBC newsman Tim R.
Tue Jun 16, 2026, 11:09 PM
21 hrs ago

The professor and acclaimed Constitutional scholar with appropriate hourly pay level practice and he threw it all away for the right to bare grandmas.

Stakes:

Some critics, such as Nobel laureate Joseph Stiglitz, have long seen the changes to Glass-Steagall as a major factor in the 2008 crash. By bringing "investment and commercial banks together, the investment bank culture came out on top," Stiglitz wrote in 2009. "There was a demand for the kind of high returns that could be obtained only through high leverage and big risk-taking."

But others, like former Treasury Secretary Tim Geithner, have said the focus on Glass-Steagall is misguided. They argue other factors were more important in causing the 2008 crisis, such as bad mortgage underwriting, poor work by the ratings agencies and a securitization market gone crazy. All of that would have happened no matter the size of the big banks.


Source: https://www.npr.org/sections/thetwo-way/2015/10/14/448685233/fact-check-did-glass-steagall-cause-the-2008-financial-crisis

Reality: “The homeowners were sacrificed to foam the runway for the banks,” Tim Geithner is reported to have said.

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