Glass-Steagall: Separate or Combined Banking (1933)
by Anonymous
After the 1929 crash, Congress separated commercial banking from investment banking. This prevented banks from gambling with depositors' money. Its 1999 repeal contributed to the 2008 financial crisis.
Separate Commercial and Investment Banking
1933
year
Banks choose: deposits OR securities, not both
approach
Reduced speculation with depositor funds
bank behavior
Chosen — kept banking stable for 66 years
outcome
Self-Regulation
1933
year
Let banks police themselves
approach
Unchecked risk-taking
bank behavior
Not chosen — had just caused the Great Depression
outcome
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