I think it is important to understand what Glass-Steagall really is, and what it is not. The concept behind it - separating commercial bank activities from investor bank activities - is sound, but not a panacea. As one commentator put it, the crash was like the Titanic sinking, and Glass-Steagall was really about how many lifeboats were aboard. (Repeal of Glass-Steagall: Not a cause, but a multiplier - WaPo.) I completely agree, and Dodd-Frank has really done a sound, if incomplete, job of restoring some of the stability that Glass-Steagall provided. More needs to be done.

The Titanic still would have sunk, and doubling the number of lifeboats is good - but it still means a third of the passengers still drown. Glass-Steagall would mean the boat was smaller with fewer passengers, but would not have prevented it from sinking. Dodd-Frank comes closer to keeping it afloat.

A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich