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3min chapter
Chicago Plan – why it never went anywhere
Debunking Economics - the podcast
The Restraining Banks From Bad Behavior
The Pecora Commission exposed the extent to which banks had been involved in all the speculation and bubbles of the 1920s. The regulations then said banks have got very strict limits on what they can actually do with their money. And really a lot of what you can see in post World War, post World War II history is banks trying to find ways to get away from those constraints. So we've gone in the opposite direction to the Chicago plan, because a huge part of it was restraining banks from bad behavior. Instead, we've rewarded them for bad behavior.
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