Obama said Thursday he would ask Congress for limits on how big banks can become and to end some of the risky trades financial companies use to supercharge their earnings. Investors sent stocks tumbling as they worried the plan would destabilize Wall Street's 10-month rally.
IMHO such a move is welcome. Hedge funds disguised as commercial banks (hello, Goldman Sachs) should not get FDIC insurance to gamble with OPM. Glass-Steagall 2.0 will rightly return banks to their retail lending cage and send the stock market to a more realistic level . . . farther down.
