John Reed on Big Banks' Power and Influence

This is the third in a series that Bill Moyers have produced investigating how and why we are in the financial crisis we are in and were the middle-class has disappeared.


John Reed on Big Banks' Power and Influence from BillMoyers.com on Vimeo.


John Reed was involved in the repeal of the  Glass-Steagall Act, that kept commercial banks, investment banks and brokerages and insurance companies separate. He now regrets what he and CitiBank did and how it led to the second biggest financial collapse in American history.

In the end of this program, John states that we must bring back the Glass-Segal act and break up these "Too Large To Fail" institutions. And this is coming from a strong free-market advocate.

So if the Republicans continue on their pursuit to kill the Frank-Dodd bill that is more complicated and has more loopholes at over 2,000 pages than the  Glass-Steagall Act,  of only  34 pages, then you know they are not looking out for your best interests, but for a select few on Wall Street to game the system further to garner more and more money at your expense. Since no one has been fired or charged with a crime for this collapse, then they are back at their old ways of doing things, which in turn will fail as it did in '08 and you and I and our children and all the generations thereafter will be paying for it either in taxes, no jobs, and reduction in the quality of life they will have.