Posted 8 years ago on Oct. 18, 2011, 2:14 a.m. EST by antipolitics (127)

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This enacted in 1999, which lead to "Too Big to Fail" and the Financial Collapse of 2008

It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies. The Glass–Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. --Gramm–Leach–Bliley Act

Let's Repeal this monstrosity.

Edit:

Member thecenterpath makes a good point, the Glass–Steagall Act was meant as a safe-guard after the Great Depression...

...in the Great Depression after 1929, Congress examined the mixing of the "commercial" and "investment" banking industries that occurred in the 1920s. Hearings revealed conflicts of interest and fraud in some banking institutions' securities activities. A formidable barrier to the mixing of these activities was then set up by the Glass–Steagall Act.

Conflicts of interests? Fraud?... after the Glass-Steagall Act was repealed we saw Billions of dollars of profits by the Bankers on Wall St. at the expense of flushing our Economy down the tubes...

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