[ISiddiqui]

Gramm-Leach-Bailey helped the economy by allowing investments banks to buy failing deposit banks. Prior to GLB, those banks would have ended up failing as no one could buy them. Washington Mutual would have folded (or had to bailed out big time) instead of JP Morgan being able to buy them up, as one example (Merrill Lynch and BOA is another).

Without GLB, the TARP would have probably been twice the amount it was simply because you couldn't have had all those banks fail.