Robert Reich: "Be Unflagging and Unflinching" for Glass-Steagall
July 8, 2012 • 3:46PM

Robert Reich, Bill Clinton's former Labor Secretary, ended his Huffington Post column of July 7th, titled, "The Wall Street Scandal of All Scandals," about the LIBOR criminality, as follows:

"This is insider trading on a gigantic scale. It makes the bankers winners and the rest of us — whose money they've used for to make their bets — losers and chumps.

"What to do about it, other than hope the Justice Department and other regulators impose stiff fines and even criminal penalties, and hold executives responsible?

"When it comes to Wall Street and the financial sector in general, most of us suffer outrage fatigue combined with an overwhelming cynicism that nothing will ever be done to stop these abuses because the Street is too powerful. But that fatigue and cynicism are self-fulfilling; nothing will be done if we succumb to them.

"The alternative is to be unflagging and unflinching in our demand that Glass-Steagall be reinstituted and the biggest banks be broken up. The question is whether the unfolding Libor scandal will provide enough ammunition and energy to finally get the job done."

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