It kind of terrifies me that at the time the Glass-Steagal Act was repealed, half of the congressmen did not understand it's full Economic effect. It goes once again to show just how uneducated and detached our "Leaders" are here in America. Even more terrifying is the possibility that in 1999 when the Act was repealed, they knew exactly what was going to happen.

In the second video the Economic Expert talks of a Senate committee hearing on the effects of the Act (http://www.senate.gov/artandhistory/history/common/investigations/Pecora.htm), and the committee ruled that the Act was Essential to the Economic recovery after the Roaring Twenties, where everyone here in the States started buying a bunch of stuff they could not afford, kind of like what has happened now.

The Act was designed to eliminate insider trading, any one bank had to choose to either be a savings institute, or a loan organization, there could be no double trade banks. When the Act was repealed, in an act of pure negligence, the private interest could now do what ever they pleased as long as they worded it properly on paper, and we are steadily approaching the cliff with no way to stop ourselves with a proverbial Crack head holding a gun to our head's for all the money we have or our life. Those who do not learn their History are doomed to repeat it correct?