Is a New Glass/Steagall act the Answer?

Liam Halligan reckons it is and we all know who abandoned it don't we Mr Clinton.

Dear Mr Halligan,

For all your banging on about the re-introduction of the Glass/Steagall Act. It does not not need a high flying economist to see what the abandonment of this legislation did to the world of high and low finance. since '86. Though what followed probably had more to do with the oil shock of '73 when 3gallons of petrol cost £1.00 and £2.00 took me all the way to Commercial Street and back - 260 miles, to replenish the stock for my Shirt Stall on our Open Market. 

That Glass/Steagall needs to be re-introduced is staring everybody in the face. But the world at large seems to be stunned by the audacity of these intrepid souls the Fractional Reserve Bankers. These people with nothing more in mind, than to fill their boots and clip-clop off into the sunset. We have no need of these bandits to secure our financial future. All it has done is jack up the price of every friggin' commodity known to man.

While back in the 1960s, setting out to make a mark in the world on the princely wage of £13-7s-6d/week, I can state categorically that I live little differently today. The only accoutrements now that were not even invented then, were a microwave oven, a computer and a colour TV.

The average mortgage then was around £2,500 repayable at around £13.00/month. While the average weekly wage is a now a stratospheric £463 including bonuses and the simple question is: Exactly who is any better off for it? Is an increment of £450/week over 50years the price of developing these 3 items?

In addition to which, we even had a pension system that was working, before the politicians who didn’t have a clue started grabbing chunks of it to cling on to power and we suffered 13 years of the disastrous Blair/Brown Tragedy of Errors. So the real question here is who is conning us now? Is it the politicians or the bankers or are they in cahoots to make sure it sticks?

Answers on the back of  a 10/- shilling first class stamp. 

Best regards

Tom.