The Glass-Steagall Act of 1933 separated commercial banking (deposits) from investment banking (speculation) after the Great Depression. Wall Street lobbied for decades to repeal it. In 1999, the Gramm-Leach-Bliley Act finally did, allowing banks to merge depositor funds with speculative trading. Within 9 years, the resulting mega-banks -- Citigroup, Bank of America, JPMorgan -- collapsed, requiring $700 billion in TARP bailouts. Former Fed Chair Paul Volcker said the repeal was 'a terrible mistake.'
The 1999 repeal of Glass-Steagall let banks gamble with deposits -- the same banks then needed $700 billion in bailouts
“Repealing Glass-Steagall was not deregulation -- it was a deliberate strategy by Wall Street to access depositor money for speculation, knowing taxpayers would bail them out when the inevitable crash came.”
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