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Questo articolo è stato pubblicato il 10 gennaio 2013 alle ore 13:08.

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In 2009-2010, by contrast, the big banks were still seeking to maintain their existing range of activities. This caused the industry to resist strongly efforts to rein in practices like proprietary trading.

Ultimately, the explanation for the passage of far-reaching financial reform can only be the severity of the crisis. In the 1930’s, the Great Depression brought the entire economy to its knees. The need for root-and-branch reform was undeniable. After 2008, by contrast, policymakers succeeded in preventing the worst, which ruled out the sense of urgency that surrounded the Pecora Commission hearings. The ultimate irony is that this very success led to less reform.

Barry Eichengreen is Professor of Economics and Political Science at the University of California, Berkeley.

Copyright: Project Syndicate, 2013.

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TAG: Steagall Act, Wall Street, American Bankers Association, Angelo Mozilo, Charles Mitchell, Political Science at the University, Barry Eichengreen, Christopher Dodd, Franklin Raines, Chase National Bank, California, Henry Steagall, Ferdinand Pecora, National City Bank, J.P. Morgan

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