Word: grammes
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After the talk, I found myself wondering how these banks grew so large in the first place. In 1999, Congress passed the Gramm-Leach-Bliley Act, allowing retail banks (which accept deposits and issue personal loans), investment banks (which trade securities and manage corporate acquisitions), and insurers to merge. Subsequently, the pace of bank mergers accelerated, creating gigantic one-stop financial shops. When these banks teetered on the brink last year, Congress, fearing that their collapse would cause economic cataclysm, was forced to bail them...
Reversing Gramm-Leach-Bliley would help prevent future financial crises before they start, improve the efficiency of America’s banks, and protect taxpayers from future bailouts. Instead of being too big to fail, America’s banks ought to be small enough to succeed...
...First of all I think that's a good question," Gramm responded. But then he offered something of a personal credo: "I would be a little concerned about letting capitalism go, because it made me prosperous and free and it made my country prosperous and free...
...just so afraid to say this whole system is bankrupt and the whole thing should just be reorganized?" someone from the audience asked after Gramm finished his lecture. "Why don't you just...
...Great Deregulator has thus become a believer in regulation, at least in the messed up mortgage market. That's because the alternative to concluding that the mortgage market is in need of serious reform, Gramm said, is to conclude that financial capitalism doesn't work. And he's nowhere near ready to conclude that...