I'm well aware of how this whole mess got started. It was actually started under Jimmy Carter who deregulated the Savings and Loans finished off by Reagan.
That cost the US taxpayer $300B but we did not learn a thing.
Clinton decided to finish the job and sign Glass Steagall into law written by Phil Gramm that genius of a PhD in economics from the University Of GA.
It was democrat presidents that deregulated the banks at the behest of republicans.