Going Back To The Walkman

That's how one Treasury official described the idea of bringing back the Glass-Steagall Act. That Act was a firewall between investment and depository landing and it might just be the case that its repeal about ten years ago has something to do with the financial markets turning into casinos.

Kansas City Fed President Thomas Hoenig suggests that a firewall might be a good idea, after all. But of course not the Glass-Steagall Act itself!:

Hoenig, an experienced bank regulator, made clear he was not advocating such a big step.

"We have to go back and think of some of the reasons why this came about at these very large institutions -- without changing the structure that eliminated Glass-Steagall -- and the consequences of that," he said.

Get your popcorn ready.