The repeal of the Glass-Steagall Act is what gave us this derivatives mess.
"Ten years ago to the day, the government reversed one of the key elements of the Depression-era banking laws, knocking down the firewall between commercial banks, which take deposits and make loans, and investment banks, which underwrite securities. The repeal of the Glass-Steagall Act of 1933 was seen at the time as a way to help American banks grow larger and better compete on the world stage."
Thanks Bill Clinton.
Never be afraid to ask simple questions.
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