For 55 years from 1933 to 1988, the US suffered no major banking collapses or financial crises. But in 1980, with the repeal of key provisions of the Glass Steagall regulation along with other regulations, Savings and Loans were once again able to take undue risks outside the long-term public interest. Peaking in 1988, the US Savings and Loans crisis was the first major collapse of US financial assets since the great depression. But damage done by deregulation wasn't finished. In 1999, another major provision of Glass Steagall, which prevented commercial banks from acting as investment banks, was removed. Nine years later, due to a massive demand for commoditized, high-interest, mortgage assets resulting from this deregulation, the US and world economy collapsed under the weight of the worst economic crisis since the great depression.

In short, we need a return to the kinds of regulations that protected our economy against the worst market excesses and manipulations. Dodd-Frank did not go far enough and we are open to further and worse collapses unless we re-establish sound banking and investment policy.