Sleep ... with Josh5 Feb 2021

54: (Economics) - Glass-Steagall Act

Good evening and welcome to the podcast where you Sleep... with Josh.

Tonight, as we come to the end of a crazy few weeks in the stock market, where meme stonks have taken over the internet and the world financial system, the dramatic, coordinated short squeeze implemented by the subreddit, #wallstreetbets, caused massive spikes in the price of stock in Gamestop, AMC, Nokia, etc.

This wild speculation in the stock market made me think of the U.S. Banking Act of 1933 which was enacted in response to the stock market crash of 1929 which started on Black Thursday. The act included four provisions which separated commercial and investment banking as a way of fighting risky speculation and became referred to more commonly as the Glass-Steagall Act for the two co-sponsors, Senator Carter Glass of Virginia, and Henry B. Steagall of Alabama.

I will therefore read the four main provision of the Glass Steagall act pertaining to commercial and investment banking. These provisions were officially repealed in 1999 as commercial and investment banking activity started to grow dramatically, which is argued as being one of the reasons the financial housing crisis of '08 happened.

Now sit back, relax, and imagine rocketing to the moon because you'll get tired of this podcast... guaranteed.

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