BTW, it was really the repeal of Glass-Steagall under Clinton that has caused this mess we are in.
The Banks wanted to be Brokers and the Brokers wanted to be Banks and Glass-Steagall kept them apart.
Glass Steagall was a factor, but not the factor Sarbanes was, nor the factor the Community Reinvestment Act was - not the factor the oil shock was (gas went up 2 bucks a gallon in just a matter of months, tipping all narrow margin family budgets into the tank).
All of those were underlying macro economic cancers. Glass Steagall certainly spoke to contagion however.....along with the realities of international banking, which was going to happen with or without Glass.