>The trouble with that argument is that most of the world does not have and never has needed a Glass-Steagall act. Actually that was one of the justifications for dropping it. Take this to its natural conclusion and it's still a strike against US bankers who apparently need extra supervision or they trash the place.

Well, don't forget the pressure from the government to finance the 'risky' mortgages. That's at the heart of the problem. I've posted those links before. Started with Clinton and Bush made it even worse.