Finally, Commonsense May Return to American Banking

 One lesson that does not seem fully learned from the Great Recession may finally be coming home to Washington, D.: repealing Glass-Steagall was a moronic move.

Human nature has not really changed since the invention of the written word. Certainly, it has not changed since 1933. Greed is greed, and is part and parcel of human nature. Separating commercial and consumer banking had its reasons. Republicans with their sociopathic reaction to any and all regulations infected the Democrats and repealed Glass-Steagall.

So here is today's good news from HuffPost: Janet Yellen Leaves The Door Open On Reviving Depression-Era Bank Law.

Last week’s internet-enabled run on Silicon Valley Bank could give a boost to lawmakers wanting to revive a Great Depression-era law that kept the banking system safe, if somewhat dull, for more than six decades.

The idea of reviving the most important parts of the law, named Glass-Steagall after its congressional sponsors, was not even on the radar before the unexpected failure of the $209 billion Silicon Valley Bank.

But in an example of how much SVB’s fall has made some in Washington question their priors, Treasury Secretary Janet Yellen was asked about reviving Glass-Steagall Thursday at a Senate committee hearing and she didn’t shoot the idea down immediately.

“I think there will be plenty of time [when] it will be appropriate to look at what happened and consider whether or not regulatory or supervisory changes are necessary. I look forward to working with you when discussing what happened and what response is appropriate,” Yellen told Sen. Maria Cantwell (D-Wash.).

Getting close to being adults, again. You want excitement, take up bungee jumping; leave banking alone.

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