Repairing the foundations


It might be damning with faint praise, but Elizabeth Warren could be the most lucid legislator in D.C. Even if a new Glass-Steagal doesn't end up being a panacea, I think it could have an effect akin to (but not identical to) the Civil Rights Act. That bill didn't end racism, but it did fundamentally change the cultural conversation. Now it's just not okay to be (openly) racist. Glass-Steagal makes it not okay to mash up speculative investments with routine banking.

I think it's an important but underlooked principle that while a market may be wild and free to allocate resources as it will, the foundations and fundamentals supporting that market need to be robust. Otherwise there's a greater risk that the whole thing will just go off the rails and collapse.