Part 5/9:
One significant shift occurred in the form of the repeal of the Glass-Steagall Act during Bill Clinton's presidency. This act had previously separated commercial banking from risky investment banking. Its repeal allowed institutions to treat deposits like chips in a casino, leading to the widespread malpractice that characterized the 2008 crisis. Waiving the protective barriers the act provided set the stage for reckless and unsound banking practices, culminating in disaster.