In this week’s news, former Fed Chair Paul Volcker comes out in support of restoring the Glass-Steagall Act that was created in the 1930′s as a response to the banking crisis of the depression. Joe says it’s a step in the right direction, but not nearly enough.
Joe also comments on the Frontline program from Tuesday night, the 20th, that discusses Greenspan, Sommers, and Rubin’s suppression of Brooksley Born’s desire to regulate derivatives when she was head of the Commodity Future’s Trading Commission in the Clinton Administration.