#financialspeculation

In order for finance capital to maximize its profits it must have access to the resources of the entire population, not just the upper classes. The Glass-Steagall Act was put into place in the 1930's to cut down on financial speculation that got the US into the first depression. Essentially it separated commercial banking (where people put most of their savings) from investment banking. With repeal of the Act in 1999  virtually all banks were involved in financial speculation. This meant that whether a working class person wanted to or not, our money was invested in the stock market. This article shows how the NY Times helped to create the illusion that the repeal of this act was a good thing for the public. Thanks to the repeal of the act, financial speculators were free to take initiative and show off their entrepreneurial innovation skills. We are all living through the results.