主题：【讨论】中美俄成立"世界评级集团" ，金融大戏进入新阶段 -- wage

know all of them and can only comment on the Glass Steagall Act on banking: historically, at that time, many politicians agreed that it was a compromised legislation with accommodation to various interests.

The most significant achievement is the separation of IB and commercial banking.

All American legislations are results of political compromise: that's very typical of the American system. Sometimes, it takes time for us to see fully the effect of certain laws. So it is still too early to attack D-F Act.

There is ONE BIG difference between 1929 and now: Fed tightened and made the crisis worse in early 1930s. The collapse in the European banking system in 1932 made the US even worse then. The Wall Street BANKERS WERE DECIMATED AND DISCREDITED. Their political influence was almost eliminated.

This round, Fed relaxed monetary policy to an amazing level and the Euroland is bad, but has not collapsed yet. Wall Street banks were hit, but not decimated, and their political influence is as strong as before the crisis.

America is still a land of speculation and a final day of reckoning is still ahead of us.