That threat can be seen in the workings of last year's Congress, which saw the successful insertion of a lobbyist-drafted "Citigroup amendment" into a last-minute budget bill.
It can be seen in a political climate where the Republican head of a congressional committee can say that "Washington and the regulators are here to serve the banks."
It can be seen in Wall Street political contributions that flow to powerful and familiar names, Republican or Democratic.
Banks have acquired too much power. They must be broken up vertically (by line of business) and horizontally (by size), even as their corrupting influence over our government is ended through a system of fundamental election reform.
In today's environment, reinstating Glass-Steagall is not just the right policy -- although it is certainly that. It's also an excellent litmus test for politicians who say they're willing to take on Wall Street.
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