News & Analysis
SOURCES YOU CAN TRUST
The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.
READ IT EVERY DAY
A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!
PART OF MY DAILY NEWS DIET
I read it every day!
MESSAGES OF TRUTH
The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.
OUT OF THE DARK
The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.
SEPARATES WHEAT FROM CHAFF
The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.
THOUGHTFUL NEWS, EXCLUSIVE INTERVIEWS
I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.
The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.
PREMIER FREE-MARKET ANALYSIS
The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.
The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.
I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.
Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.
GREAT JOB, DAILY BELL
I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.
GUTS, OBJECTIVITY, WISDOM
Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.
For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.
A VIRTUAL WHO'S WHO
The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.
GREAT THINKERS YOU CAN'T GET ANYWHERE ELSE
The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!
A LEADING LIGHT
The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.
The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.
I enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.
NEVER MISS AN ISSUE
I love the Daily Bell. Every issue is principled and informative.
The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.
A MUST-READ FOR EVERYONE
The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.
GREAT INVESTMENT INFORMATION
I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.
I read The Daily Bell every day and I find it very informative.
INSIGHT YOU CANNOT IGNORE
The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.
Sit down to read from The Daily Bell and experience a jolt of intellectual energy.
Get outside the box with The Daily Bell and experience independent views.
AHEAD OF THE CURVE
The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.
There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.
TRUTH AT WORK
There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.
The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.
I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.
ONE OF MY FAVORITE SITES
The Daily Bell is one of five sites that I review every day because I find there a clear, common-sense interpretation of everyday events.
The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.
CUTTING EDGE ANALYSIS
At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.
PROFOUND AND PROVOCATIVE
Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.
THE DAILY BELL IS A MUST-READ
Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.
VOICE OF REASON
I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times
The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.
INFORMATIVE SOURCE OF INFORMATION
The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.
Why No Glass-Steagall II? ... Eighty years ago this month, Ferdinand Pecora, the cigar-chomping former assistant district attorney for New York City, was appointed chief counsel for the US Senate Committee on Banking and Currency. In subsequent months, the hearings of the Pecora Commission featured many sensational revelations about the practices that led to the 1930's financial crisis. – Project Syndicate
Dominant Social Theme: It is simply common sense. If banks can't gamble their own money in the big casino of the global stock market, they won't go broke.
Free-Market Analysis: Barry Eichengreen is a professor of economics and political science at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. So why does he, in our view, misrepresent the history of the financial industry in this article posted over at Project Syndicate?
He writes about the US Glass-Steagall Act, which separated commercial and investment banking and suggests that it should be reinstituted. He is a fan of Ferdinand Pecora, whom Franklin Delano Roosevelt picked to head up the 1930s hearings that led to various regulatory impositions including the Securities and Exchange Commission. True, he doesn't mention that there is in force a Volcker Rule currently ... but maybe that's because the Volcker Rule is such a weak version of Glass-Steagall that it's not worth commenting on.
The big issue as regards the Volcker Rule is that it is only in force for 60 days. And thus, banks like Goldman Sachs can restructure their proprietary trading so that their trades are set for longer than 60 days and thus not break the rule. Ironically, trades can be removed before 60 days without breaking the rule, so far as we can tell. It's not much of an impediment. Here's some more from the professor's editorial:
Glass-Steagall ... created federal insurance for bank deposits. With unit banking (in which all operations are carried out in self-standing offices) viewed as unstable, banks were now permitted to branch more widely. Glass-Steagall also strengthened regulators' ability to clamp down on lending for real-estate and stock-market speculation.
The hearings also led to passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Securities issuers and traders were required to release more information, and were subjected to higher transparency standards. The notion that capital markets could self-regulate was decisively rejected ...
Another popular argument for the success of 1930's reform is that Congress had already agreed on a diagnosis of the problem and could build on its own earlier efforts to treat it. Senator Carter Glass had been pushing for years for more permissive branching laws and centralized supervision of banks. He had already introduced a bill containing several such measures in January 1932 ...
Ultimately, the explanation for the passage of far-reaching financial reform can only be the severity of the crisis. In the 1930's, the Great Depression brought the entire economy to its knees. The need for root-and-branch reform was undeniable. After 2008, by contrast, policymakers succeeded in preventing the worst, which ruled out the sense of urgency that surrounded the Pecora Commission hearings. The ultimate irony is that this very success led to less reform.
Leave aside the professor's strong supposition that the 1930s security reforms constituted "a success" and one is still left with a curious presentation of history. He writes that the Great Depression brought "the entire economy to its knees." Not so fast ...
Actually, it was the Federal Reserve's illegal overprinting of dollars that led to the stock market crash and subsequent economic contraction. This contraction would have been over quickly had Roosevelt not begun a decade-long attack on free markets, loading them down with taxes, regulations and tariffs.
It is simply sad that the economics profession is filled with intelligent people who have the capacity to carry two completely contradictory ideas in their heads at the same time. The first idea is that regulation works. The second is that price fixing doesn't.
Ask any savvy observer of markets and economic activity if laws restricting people's freedom of action when it comes to buying and selling are a good idea, and he will probably say no. But at the same time, this person may well espouse legislation that amounts to the same thing.
Regulations ARE price fixes. They don't work the way they are expected to because they cannot. They always encourage activity that is different from what was anticipated because of what Austrian economists call "human action." Confronted with government mandates forbidding a certain activity, people will seek a way around it.
In the case of Glass-Steagall, one could argue that it did not appreciably "calm" the markets in the 20th century because the problem it was addressing had to do with Fed overprinting of money, probably on purpose to get rid of the gold standard.
Thus, what Congress should have removed was the central bank, not the ability of this or that private bank to trade proprietarily, something they'd done successfully for decades.
The financial history related in this article is well known by now. It is all over the Internet. At the very least, the professor should take the time to rebut it before advancing an alternative view of history that seems more like a power elite promotion than a clear-eyed view of the evolution of US markets.