President Roosevelt created the Glass-Steagall Act to prevent another financial collapse like the one that happened in 1929. When this act was law we've watched the biggest middle class family's expansion in our history. We've won the WWII and put the men on the moon with this act on.
Why did we repeal it? I don't know. But I do know something:
Since the law was repealed, the banks collapsed. That's a fact, not an argument.
I firmly believe that Mr. Obama should fight to put back the Glass-Steagall Act into legislation.