Parapundit chimes in with some more financial doom’n’gloom.

I was amused to see his reference to the Glass-Steagall Act. The reason I was amused is, that when I first showed up on Wall Street I knew nothing about high finance and was reading up like crazy, trying to inform myself, and checking what I’d read with old Street hands around the office. Reading about Glass-Steagall’s “bright line” between investment and commercial banking, I asked a colleague how strictly that was enforced. He: “Oh, about, like, the sodomy laws.” That was 1985.