National Affairs, Fall 2024
Christmas of 1989 was a good one for me. I had just secured my first adult job as a credit analyst with a community bank in Klein, Texas. Ronald Reagan had left office less than a year earlier. Global communism was imploding. And deregulation was moving forward in multiple American industries — including a banking system that, thanks to decades of technological and financial innovation, was chafing against the rules imposed by the Glass-Steagall Act of 1933….
