I just started to read Micheal Lewis's "Liar's Poker". I suppose I derive one position: Agree that Glass-
Steagall had to go. My principle reason: IPO's should be open to the ordinary investor. In fact, we need
a trifurcation of Wall Street: We need to add an independent stock exchange in San Franscico and another
one in Charlotte. We need 3 principle stock exchanges in order to create an Iron Triangle for American
Finance. I agree with Henry Hazlitt, and disagree with standard monetary theory, that the possibility
of arbitrage is a better guarantor of stability than some centralized authority.
Other Readings:
"The Return of History and the End of Dreams" by Robert Kagan.
"The Age of Betrayal: The Triumph of Money in America, 1865-1900" by Jack Beatty
"Origins of the Common Law" by Arthur R. Hogue (I am particularly interested in the history of trespass)
"The Lamp of Experience: Whig History and the Intellectual Origins of the American Revolution" by
UCF's 2nd President Trevor Colbourn
"Into the Devil's Den: How an FBI Informant Got Inside the Aryan Nations and a Special Agent Got
Him Out Alive" by Dave hall and Tym Burkey
"Ben Bernanke'sFed: The Federal Reserve After Greenspan" by Ethan S. Harris

I don't pretend to understand capitalism nor grasp the complexities of our economic condition. I do believe our government has been poor stewards of our finances and that America needs to have a defense budget. An arsenel in place to "defend" our land and people if we are attacked. Threats need to be resolved through diplomacy. My take is "they've" been using our "defense" budget as an "offense" budget. This is also how our economy has been crippled. There was billions in the budget which could help American's, instead it's being disbursed all over the planet as gifts and aid instead of leaving it untouched to accumulate interest so the American public who earned it will reap the benefits when they need it. Well, now it's gone, too. Seems like they want the general public to handle our finances wisely so after they've screwed everything up and lost our surplus we can give our wisely handled finances to them.

Re: liz
You understand a lot more than the fools running this country into the ground. Americans seem to think the way to wealth is to borrow money from foreigners and then buy the things they make. We are constantly told that the global economy is good for the American consumer but if you look in the classifieds, you won't find any jobs listed as "consumer". Our "leaders" have been wrong about tax policy, trade and their fascination with military hardware; think back to the beginnings of our present day problems. First we were told it was limited to the subprime market and would not spread, then the hair brained scheme to give us $600 to buy cheap crap, then one institution after another, each bigger than the last, started falling and what did we hear? The economy is fundamentally sound, or this should get things going; all wrong all the time. Pumping borrowed money into our economy is kicking the can down the road; it's not just that home prices were a bubble but our whole standard of living is one we have not earned and every day we keep trying to maintain it means the problem will be just that much bigger when we are forced to deal with it honestly. Pity our children.