[bogomipz]

Repeal of the Glass-Stegal Act was not the cause of the 2008 crisis! Also Glass-Stegal was never regulation to protect individuals. It had nothing to do with customers. Glass-Stegal did allow big banks to get much bigger but it was not about protecting individuals. Glass-Stegal forbid commercial bank from becoming investment banks. The crisis in 2008 was caused by subprime lending, complicit ratings agencies and a derivatives market that speculated against those loans. Glass-Stegal would not have prevented this! I wish people would stop propagating this misinformation. The only reason its relevant to the crisis is because it allowed banks to become "too big to fail", not because it would have prevented banks the players from engaging in reprehensible behavior.

[drzislav]

Thanks! This is informative.