User:Oceanflynn/sandbox/New Gilded Age

{{about|social history The New Gilded Age is .....

Titans of the New Gilded Age
In a July 2007 article in the New York Times, American banker, financier and former Citigroup CEO Sanford "Sandy" Weill (born 1933)   was cited as an example of a "titan" of the New Gilded Age. By 2007, Weill had been featured on the front page of a dozen magazines for his "genius" in "assembling Citigroup into the most powerful financial institution" since J.P. Morgan & Co., commercial and investment banking institution a "century ago".

History
The 1933 Glass–Steagall Act "forced J.P. Morgan & Co. to separate its investment banking from its commercial banking operations."

In 2001 and 2003, there were massive tax cuts under then-President Bush, which Bartels says contributed to widening gap between rich and poor. He also cites the erosion of the minimum wage as a factor.

In 1999 President Bill Clinton signed the Gramm–Leach–Bliley Act (GLBA) which repealed the Depression-era 1933 Glass–Steagall Act explaining that it would "better equip" financial firms for global competition by allowing them to diversify their financial products which would improve the financial services system's stability.

Contributing factors
According to Princeton University professor's, Larry M. Bartel in his 2008 publication Unequal Democracy: The Political Economy of the New Gilded Age which was based on 60 years of "sobering" data, the widening gap between the rich and poor in the United States results from broad-reaching" public policies which ignore the needs of working-poor and middle-class families while favoring affluent families. He examined whether democracy can survive the vast income inequality. JSTOR, www.jstor.org/stable/j.ctt7t9ks.