Clinton buried Glass-Steagall, but it was already on life support. It's provisions went through a process of being rolled back since the 1950s.
That is true. However, those sections of Glass-Steagall that were specifically repealed in 1999 (then allowing insured banks from being affiliated with investment banks) were no doubt a contributor to the collapse.
Like everything, though, one link in a chain of events becomes a scapegoat. I believe there is causation to be found in Carter's CRA, I believe GWB and his relaxing of lending requirements (and especially for home equity extraction to fuel consumer spending), a huge one, imo, is the exempting derivitives from regulation, credit default swaps, the SEC relaxing underwriting criteria in 2004 .. all-in-all, both parties, every term, has done something to bring about hurried growth, make believe economy, and I believe, along the way, everyone lost track of the score. Burst. Boom.
Bottom line is the 1999 orepeal of critical components of Glass-Steagall is, in part, to blame. But the problems began long before, persisted long after, and at times, even intentionally excellerated.. even if unknowingly.
