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Laws that apparently make no sense should be allowed to expire. President Clinton declared that the Glass-Steagall Act, also known as the U.S. Banking Act of 1933 was no longer appropriate in 1998 after the Federal Reserve approved Citibank's affiliation with investment banking firm Salomon Smith Barney.
President Obama is right when he says that the debt ceiling needs to be raised so that the bills Congress has already approved can be paid. But isn't it a better outcome if the president simply declares that a World War I bill setting a debt limit is no longer appropriate in the 21st Century global economy?
At the time of publication the author held no positions in any of the stocks mentioned.Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.