Justin's weekly commentary - Learn a lesson from the Americans

Following my comments about the missing financial infrastructure in the UK, I was recently comparing the US banking and financial structures with our own. Now, of course, their banking system has neither been angelic in its behaviour, nor unblemished in its history of probity. After all, in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass Steagall Act. This act separated investment and commercial banking activities. At the time, „improper banking activity‟ - considered to be overzealous commercial bank involvement in stock market investment - was deemed the main culprit of the financial crash - any of that seem familiar? Read the full article