Glass-Steagall again, at last

I’m really happy to see that there is finally a push among some with influence to revive Glass-Steagall regulations that separate FDIC-backed deposits from Banks’ speculative investments. Look, it seems really simple to me: if you are a bank and you want FDIC insurance covering your customers’ money against loss, you have to accept regulations that keep you from taking undue gambles with that money. If you want to invest the bank’s money freely, then do it without the FDIC. Of course banks what it both ways–government guarantees on deposits as well as the ability to invest freely. I would like to be able to go to Las Vegas and play roulette with the understanding that my parents would pay for any losses, but I would get to keep any winnings. But that is neither realistic nor responsible. Time to bring back Glass-Steagall and making retail banking boring again, so that investment banks can engage in wild and unfettered capitalism.