The 1930s Glass-Steagall separation was simpler than modern bespoke rules

Evidence

In the view of Sheila Bair, the former chairperson of the Federal Deposit Insurance Corporation, it would have been easier to reinstate the Glass-Steagall law of the 1930s, which separated commercial and investment banking. — Albert Bandura, Moral Disengagement, 1547

Categorization

• QUESTION: Would a structural separation rule actually have avoided the 2008 crisis and its loophole-drafting warfare? Worth chasing the counterfactual.
• XREF: connects to: 1999 repeal of Glass-Steagall drove America’s debt and securities explosion — Ken-Hou Lin & Donald Tomaskovic-Devey, Financialization and U.S. Income…, 40