Not so sure about that. Since you are the historian, can you tell us about the history that was behind the creation of the act in the first place?
Phil Gramm was a senator at the time who believed that deregulation was always a good thing because he believed in the supposed Invisible Hand espoused by Adam Smith. Ironically (since Luca believes econ is an easy topic) he has a Ph. D. in Econ and taught Econ at Texas A & M.
He of course was being lobbied by the finance industry that had spent billions the previous decade lobbying to repeal Glass-Steagal.
Once that was done, the rest as they is history. There are about a dozen reasons for the meltdown. But that the key that unlocked the rest of the history that ensured.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.