So, I take it you made out well in 2007? I didn’t, we lost 30% of our retirement funds, and it was because of the existing financal institutions manipulations of the marketplace to steal from average folks like us. And in addition to Glass-Stegal, we should take measures to rein in Fannie and Freddie and government policies that allowed ( no mandated) that they give mortgages to people whom they knew would not be able to repay them. They were making loans, skimmming off fees, they walking away with those monies in their pockets leaving the taxpayers to foot the resulting bill. If I had my way, Goldman Sachs would be liquidated, along with everyone who works there having their bank accounts expropriated.
Nope. Lost a bunch.
we should take measures to rein in Fannie and Freddie and government policies that allowed ( no mandated) that they give mortgages to people whom they knew would not be able to repay them.
Completely agree, government involvement in the housing mortgage market causes distortions.
Back to my original point, I can't think of any bank that got in trouble because of stuff that would have been disallowed before 1999. Can you?
Glass Steagall would not have prevented banks from writing crappy mortgages. Would not have stopped the bubble from forming or bursting.