"We had Glass-Steagall for over half a century ... and it worked until the late '90's," Rolling Stone editor Matt Taibbi said on Eliot Spitzer's Viewpoint program Thursday night.
The comment came in the middle of what amounted to a debate with Bay Buchanan, the sister of conservative Pat Buchanan, over the fate of the Dodd-Frank banking reform law. While Buchanan kept retailing the ideological line that the law is too complicated for small banks to comply with, Taibbi went after the too-big-too-fail banks which, he said, have a natural competitive advantage over smaller community banks. "We don't want these big banks, like Bank of America, and JPMorgan Chase with an implicit guarantee from the government, so that smaller banks can compete," he said. "Dodd-Frank is so full of holes it's ineffective."