Was the repealing of the Glass-Steagall act in 1999 the cause of the financial crisis?

  • Thread starter Thread starter Matthew R
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Matthew R

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see this link

http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html?sec=&spon=&emc=eta1&pagewanted=all
 
Yes.

It's an antitrust act related to banks.

After the repealing of it, investment banks and commercial banks could merge.

Also, allowing banks to cross state borders played a huge part.

Interstate banking was once illegal.
 
Yes it was one of the major contributing factors in the current crisis that should not be underestimated or denied
 
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