GLASS-STEAGALL ACT - WHO'S BRIGHT IDEA WAS IT TO LET THE FOX GUARD THE HEN HOUSE?"And we are wondering what happened to all the chickens?

The Banking Act of 1933 enacted June 16, 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.  It is most commonly know as the Glass-Steagall Act, after its legislative sponsors, Senator Carter Glass and Congressman Henry B Stegall. Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate the interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owing other financial companies were repealed November 12, 1999 by the Gram-Leach-Bliley Act, named after is cosponsors Phil Gramm, Jim Leach and Thomas J. Bliley. "hmmmm"  I guess now we know."

The repeal of provisions of the Glass-Steagall Act by the "Wiley-Coyotes" effectively removed the separation that previously existed between investment banking which issued securities and the commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. "no conflict?"

And...so then we have the Banks also controlling/ owning Securities Firms and Insurance Companies. "And who did we bail out?" Someone please bring back the Glass-Stegall Act! Please? 

Here is something to ponder...if the act was never repealed would there have been the melt down of recent disaster that put the tax payer and Country into economic chaos?

Did the sponsors that repealed the act personally benefit directly or indirectly? If so it is a crime?