Before the repeal of the Gass-Steagall Act what has happened with the banks and Wall Street would not have happened. The Glass-Steagall Act worked. The Glass-Steagall Act prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities. Let reinstate the Glass-Steagall Act so we won't have to bail out another to big to fail bank. It worked from 1933 to 1999. Demand the reinstate this.
Why is this important?
The Glass-Steagall Act protected bank depositors from the additional risks associated with security transactions. The act was dismantled in 1999. Consequently, the distinction between commercial banks and brokerage firms has blurred; many banks own brokerage firms and provide investment services.
