What's the glass-stegall act and why is it important? Was bill Clinton right to repeal it?

You can look it up on wikipedia, but it's a banking law passed in the Great Depression that limited how commercial banks could operate as investment banks. A commercial bank is like your neighborhood bank which takes deposits and runs checking accounts etc. Glass Steagall limited how these banks could invest their money. It also prevented investment banks from taking deposits. The idea was to make it so that banks which were engaged in risky investment opportunities would not jeopardize people's savings and the wider economy if they failed.

You're smart enough to read the Wikipedia entry: https://en.wikipedia.org/wiki/Glass%E2%80%93Steaga...

p.s. it's spelled STEAGALL

It was really the Banking Act of 1933. It separated commercial banks from also being investment banks. It was past in the Great Depression (1933) because commercial banks messing around in vestment banking caused the crisis/ failure of banks that caused the Great Depression.

Bill Clinton repealed it because it was repealed by the republican controlled US Senate on a 54 v 44 party vote. He had no choice but to sign.

Repeal of the Act then caused the banking/ financial crash of 2007-2008 and the Great Recession of today. Again rich bankers mixed banking with investment and stock market and crashed the banks and everyone lost but them.

The glass-stegall act was an act of congress which made it illegal for rivers not to have banks, to avoid flooding when it rained. Bill Clinton was wrong to repeal it because as soon as he did the Mississippi river overflowed and inundated the city of New York with its mighty waters.

Clinton might have signed the bill - but it was the republicans who repealed it. Repealing glass-steagall was a republican masturbation fantasy for a LONG time. This way the republicans can have all the crooked trading they want and finally collapse the economy.

And now we have to wade through endless republican lies about how it was actually THEM LIBERALS what done it.

Do you have any idea how much $$$$MONEY$$$$ filth like the Koch Brothers and TrumpTreason make when the republicans finally collapse the economy!!!