Big banks are rewriting the rules of our economy to the exclusive benefit of their own bottom line. But how did our political and financial class shift the benefits of the economy to the very top, while saddling us with greater debt and tearing new holes in the safety net?
This weekend on an encore broadcast of Moyers & Company, Bill Moyers talks with former Citigroup Chairman John Reed and former Senator Byron Dorgan to explore a momentous instance: how the mid-90's merger of Citicorp and Travelers Group - and a friendly Presidential pen -- brought down the Glass-Steagall Act, a crucial firewall between banks and investment firms which had protected consumers from financial calamity since the aftermath of the Great Depression. In effect, says Moyers, they put the watchdog to sleep. Now, John Reed regrets his role in the affair, and says lifting the Glass Steagall protections was a mistake.
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