Glass-Steagall was Rooseveltian fascism, and was rightly repealed. It was a typical Lefty way of protecting certain companies from competition while claiming you were keeping evil capitalists under control. The problem was Clinton's housing fascism, with Baby Cuomo giving speeches threatening to jail bankers who wouldn't lend to deadbeats—creating monopoly-money loans that were taxpayer-guaranteed. I'm guessing Clinton's suppport for dumping Glass-Steagall was to pay off his contributors on Wall Street who were eager to trade the worthless sub-prime mortgages he was creating.
“Glass-Steagall was Rooseveltian fascism, and was rightly repealed.”
Unfortunately, you have FDIC and FSLIC. As long as the public is insuring bank deposits, bankers can’t be allowed to speculate wildly with that money. That results in the worst of crony capitalism. If the speculation pays off, the banks get the benefits. If it crashes, the public pays the losses.
If you eliminate Glass, you also have to eliminate FDIC and FSLIC insurance.