This is the "regulation is ineffective, let's get rid of it" argument. Yes, by the time of its repeal banks had found ways around Glass-Steagall, both legal and

This is the "regulation is ineffective, let's get rid of it" argument. Yes, by the time of its repeal banks had found ways around Glass-Steagall, both legal and illegal. The conclusion should not be that we should get rid of GS, we should extend it to cover those holes. Banks finding new ways to extend their size and reach is a metastatic event.