Had Glass-Steagall not been repealed, the banks could not have gotten away with what they did and we wouldn't have a gazillion dollars of weapons of mass financial destruction taped to the TBTF banks.
The economist is a wolf in sheeps clothing. The deregulating of the square mile, home of the economist, is what ruined America in the long run.
Thatcherism is what the economist supported. And Thatcherism made our housing bubble possible. Don't forget Patrick, the UK has had 4 housing bubbles in 40 years. That is one every 10 years! That is how the UK works and Wall Steet sits at the feet of the masters: