Ahh, glad to see that party propoganda has served you well! Before you go pointing fingers at one party or the other (Republican's in this case) take note that the Glass-Segal act was repelead in 1999 while Bill Clinton was in office. The party with the biggest push to remove Glass-Segal was the Democrats who pushed for affordable housing for all American's (admittedly Rep's where completely on board with this as well, but organizations like ACORN where some of the biggest lobbyists of this bill). In order to get banks to lend to sub-prime individuals, they required the repeal of Glass-Segal so that they could pool and securitize sub-prime mtge's alongside prime ones while swapping away the risk.
I abosoultely agree that both parties where at fault for letting the one slip, and they probably should re-insitute Glass-Segal; there should be seperation of investment and commerical banking. Just don't be surprised when you hear an uproar from both parties when interest rates rise and consumer credit dries up...
I would advise; however, that you do a bit of research before you go make blindly partisan comments like the one above.