Geithner is full of shit. Roosevelt was very succesfull with the Glass-Steagal Act.
When Clinton and the republican Congress repealed the Glass-Steagall Act, which then allowed investment banks to merge with commercial banks, the final piece of the puzzle was in place as normally conservative investing banks could then invest heavily in over the counter derivatives markets, much of which was in the form of speculative credit derivatives closely tied to real estate and commodities.
