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Former banker Norman Dodd interviewed in 1982. Lived through the crash of '29 and tasked with finding out what banks didn't know. When he reported back was told:
Norm what you're saying is We should return to sound banking.
Yes, in essence that's exactly what I'm saying. Whereupon I got my first shock which was a statement from them to this effect:
We will never see sound banking in the United States again. Since the end of World War I we have been responsible for the institutionalizing of conflicting interests. And they are so prevalent inside this country that they can never be resolved.
Norm what you're saying is We should return to sound banking.
Yes, in essence that's exactly what I'm saying. Whereupon I got my first shock which was a statement from them to this effect:
We will never see sound banking in the United States again. Since the end of World War I we have been responsible for the institutionalizing of conflicting interests. And they are so prevalent inside this country that they can never be resolved.