Thursday, February 17, 2011

Eat the Glass Steagall Act

[from Eat This, Not That!
by David Zinczenko, with Matt Goulding]
--------------------Waiting for some good news that...reveals a shiny silver lining...? We've got it for you. The past 3 years have been a challenge -- both in the United States and around the world -- thanks to what appears to be a small group of balding men in suits and ties with private jets and mysterious jobs and the magic power to make everyone else's money instantly disappear.

How do they do that?
Well, we're still working on an answer to that one. We're not quite sure what happened to the other half of our 401(k), except that it had something to do with things called credit-default swaps, subprime loans, and the Glass Steagall Act, which only the very smart guys who lost all the money in the first place supposedly comprehend. (And we thought understanding "high-fructose corn syrup" was a challenge.) But we do know that when the economy gets tough, the tough do one smart thing: They cook at home.

-30-



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