“I thought the GLB-act supposedly killed Glass-Steagall.”
Citigroup had been operating in violation of Glass-Steagall for a number of years. Graham-Leach-Bliley made it legal, made the death of G-S official.
But none of this affects the economy without the BAD LOANS, right?
Scrapping Glass-Steagall opened the door to the flood of bad loans. G-S kept investment banks out of retail banking.