The Current Financial Instability

There's a lot of debate going on about how much the 1999 repeal of the Glass-Steagall Act has affected the current financial instability. Glass-Steagall first came about during the Depression to keep banking and investment firms separate. Prior to Glass-Steagall there were things going on similar to today's situation that ultimately contributed to the stock market crash of 1929, which ushered in the Depression.

It was a Republican-controlled Congress in 1999 that passed the repeal, though it had bi-partisan support [the Senate vote was 90-8 ... Biden in favor, McCain didn't vote] and a Democratic President, Bill Clinton, who signed it. So, there's a lot of finger-pointing going on, but there may be fault among both parties.