Look, this whole thing is simple and easy to understand. Bankers are greedy bastards so they need regulating. As a result of the 1929 stock market crash, resulting in a deep depression by 1932, the Glass-Steagall Act of 1933 was passed to protect homeowners. It was a measure that prohibited the mixing of banking, insurance, and investments.
Banking deregulation started in earnest during the Carter admin in 1978. Over a period of 20 years, Glass-Steagall was pecked at and undermined and weakened. It was finally killed altogether in 1999 with the Financial Services Modernization Act of 1999. Every Democrat but 5 voted for it in the Senate and all but 1 Republican voted nay. John McCain was the single Senator who did not vote.
Read the rest by Ron4Hill at Hillary Forum.