This is the Tom Hartman Program.

Welcome back on the line with us is Professor Richard Wolf, the Economist, co-founder

of Democracy at Work. Info, author of numerous books, his latest

to understanding socialism.

R.D wolf.com with two f's is another of his website's proth wolf, PROF, W-O-L-F is his Twitter handle.

This piece in Huffington Post, federal regulators

are mortgaging the country to Wall Street.

It is pretty shocking.

I know you've read it, nearly 300 pages of loopholes and exemptions to the

Volker rule and Dodd-Frank translate this into English for us what does this mean

think of it as a kind of replay of history a bad story not taken seriously and so it

comes back to bite us again let me explain in the depths of the great depression back in the 1930s a banking bill was finally pushed through Congress and it was designed to reduce the systemic risk of the that came from the fact that banks had been

free to take the money of their depositors and not merely hold it and keep accounts for them but in fact to speculate

with other people's money and it was felt that that had contributed to the

breakdown in 1929 and the horrible Great Depression.

So the Banking Act passed in the 30s

created a wall.

It was called a wall of separation

two kinds of banks a commercial bank that simply took deposits and made short-term

loans to businesses

versus an investment bank a completely different thing that did not take deposits

and that could go out and speculate but with money that people gave it for that purpose

...