Gramm is on the left in the above photo. Looking at the two in the photo, we note their names are followed by (R)'s in the media. But to me, these two and many others like them would be just as comfortable with (D)'s by their names. They are Uniparty.
Gramm has a PhD in economics and his ideas sounded so good at the time. But his good intentions led the country down that well-known road straight down into Hell.
Like many politicians, Gramm did not fully consider the consequences which is surprising as he has a PhD and a requirement for that degree is to conduct thorough fact-finding considering all possible inducements to an innovation.
The fact that he was so inconsiderate to the history of Glass-Steagall makes me think he was being led by others with a self-interest in financial markets.
Glass-Steagall was signed into law in 1933 at the same time as its companion bill that created the FDIC. The two acts of Congress were not born from FDR but from the American people that had lost their life savings in cash in the bank. The bills were the appropriate political reactions to Americans wanting their government to protect their savings in banks.
The American people of 1933 demanded that actions be taken in the form of insurance (FDIC) and restrictions on banking involvement in investment markets (Glass-Steagall). Although FDR signed these bills into law, they were not bad bills and they were not born of the FDR Administration. Not everything FDR signed was bad. These were two of the best bills of the depression era.
Donald Trump has called for something like Glass-Steagall to be brought back. I can tell you this after watching old videos uploaded to the internet where Donald speaks before Congress on financial and banking matters, Donald is a master of finance, banking, regulation, trade and so on. People have no clue just how sharp he truly is on these subjects. If he is calling for a return of something like Glass-Steagall, we can bet he knows what he's talking about.