Repealing Glass-Steagall Did Not Lead to the Financial Crisis

Theories abound about the causes of the Financial Crisis of 2008, and “deregulation” is commonly indicted as one of the main culprits.  With few relevant changes to financial regulation to point to, the so-called “dismantling of Glass-Steagall” is invariably cited as evidence, but the claim doesn’t stand up to scrutiny.  In the words of one commenter:…

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