>>If they had not repealed it then the entire 2007 crash could not have happened.
Disagree. You think more regulation will solve our problems? What gives the government the legitimacy to regulate the financial industry anyway? Because five bureaucrats voted that they could?
Why not simply end all mortgage subsidies, and all implicit guarantees behind Fannie/Freddie and the rest of the financial system? The 2008 financial non-crisis was predicated by the expectation that the FedGov would not allow the bankruptcy of Lehman. The market was almost right...
I think NAR and homebuilders would be screaming bloody murder. They would be back to building cookie cutter houses and turning existing McMansions into multifamily housing..
I see we have a bunch of bankers here.
Under the old rules there was a complete separation between investment banks and deposit banks. Therefore if an investment bank went down then it mainly took its casino players with it. There was no threat to the banking system as a whole and therefore there would never be any kind of taxpayer bailout.
Of course you Brilliant bankers seem to know more than the congress who created Glass-Steagall to prevent what happened in that day. And in your comments you have declared them idiots for their past effort. And of course it is worthless evidence to you that there was no repeat of the collapse leading to the great depression until your precious bankers got to mix and play with money and mortgages from the once separate banking sector. No collapse until the rules from the depression error were re-established. If Einstein was still here then he would remind you that the definition of INSANITY is doing the same thing over and over again and expecting different results.
Of course you are either Insane or else it is that your greed hopelessly blinds you.