The Bronx and Glass Stegall

The Bronx NY could be saved with Glass Steagall on the agenda. Kill the old bubble and bring in the new, but with a real economy edge with teeth.

he article makes the point that some Senate Democratic leaders are reluctant to challenge Wall Street by reinstating Glass-Steagall, due to their desire for Wall Street campaign contributions.

However, former Sen. Byron Dorgan (D-ND), whom the Hill characterizes as having been the Senate's most outspoken defender of Glass-Steagall while in Congress, is then quoted as saying that Warren should expect a forceful pushback from Wall Street, but that reinstating Glass Steagall is not impossible.

"It's very hard, because you're taking on Wall Street, and Wall Street has substantial clout in Congress," he said. "They were able to substantially dilute Dodd-Frank. Even what it required was fought bitterly by Wall Street. It will be hard to get it done but not impossible. There are plenty of members of the caucus who believe you have to re-impose Glass-Steagall. It is one of the few proposed reforms of Wall Street to draw bipartisan support."

It could happen, so don't give up, don't stop believing.