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Glass Steagall brought about the FDIC during the depression years. The repeal of Glass Steagall in 1998 by the Clinton administration should have been the end of guaranteeing any bank deposits because it allowed conservatively managed commercial banks (deposits and loans/mortgages) to join with investment banking/insurance (investment banking and securities and insurance sales) firms. Can you say oil and water?
Banking calamities will continue ad infinitum until commercial banking and investment banking are separated. Bring back Glass Steagall or a reasonable facsimile! If the government is going to guarantee deposits at banks then they must regulated in how they are managed. Taxpayers beware.
While we are cleaning up the financial industry lets bring about term limits and public elections for the even more conflicted politicians getting rich from the financial industry.
Term limits! Agreed!