“Glass Steagall would not have prevented banks from writing crappy mortgages. Would not have stopped the bubble from forming or bursting.”
Perhaps, but anything that breaks up the financial institutions and reduces their inflluence would be a plus. I wished that I had the time and the money to sue Morgan Stanley for what they did to my retirement funds They are crooks who lined their pockets with money it took us a lifetime to amass. We had a considerable investment in Lehman Brothers preferred stock. One week before LB went under we met with our broker to discuss divestment of that position. We were told that “if house rules didn’t prevent him from doing so, he’d personally buy all of our LB stock.” He said that LB was an exceptional investment, so we stayed with it and watched tens of thousands of dollars simply evaporate. And after the fact, he said words to the effect of “well, that’s the breaks, win some loose some!”