In 1997 Glass/Steagall (banking regulations) were repealed. The assertion was the regulations (to separate Retail/Investment banking)was no longer required. Today’s modern banker wouldn’t risk long term solvency for short term gain. It took less than a decade to prove this evolution folly.

The events of 2008 certainly pointed out a lot of folly, but G-S wasn’t one of them. G-S never regulated investment banks, and it was the investment banks (along with the GSE’s) that broke the economy.

Not to pick on your personally, but I have been asking people for a decade now this same question:

Why do you believe that the repeal of a set of retail-bank regulations contributed to a meltdown that was caused by investment banks?

10 years now, still crickets. :-)

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Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

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