Editing Gramm–Leach–Bliley Act (section)

===Criticisms===
The act is often cited as a cause of the [[2007 subprime mortgage financial crisis]] "even by some of its onetime supporters."<ref>[[David Leonhardt|Leonhardt, David]]. [https://www.nytimes.com/2008/09/28/magazine/28wwln-reconsider.html Washington's Invisible Hand] {{webarchive|url=https://web.archive.org/web/20180204124050/http://www.nytimes.com/2008/09/28/magazine/28wwln-reconsider.html |date=2018-02-04 }}, September 26, 2008 ''New York Times''</ref> Former President Barack Obama has stated that GLBA led to deregulation that, among other things, allowed for the creation of giant financial supermarkets that could own investment banks, commercial banks and insurance firms, something banned since the Great Depression. Its passage, critics also say, cleared the way for companies that were [[Too big to fail|too big and intertwined to fail]].<ref>[https://www.wsj.com/articles/SB123665023774979341 Ten Questions for Those Fixing the Financial Mess] {{webarchive|url=https://web.archive.org/web/20150922003025/http://www.wsj.com/articles/SB123665023774979341 |date=2015-09-22 }}. ''Wall Street Journal''. March 10, 2009.</ref>

Economist [[Joseph Stiglitz]] has also argued that the Act increased risk-taking leading up to the crisis, stating "the culture of investment banks was conveyed to commercial banks and everyone got involved in the high-risk gambling mentality".<ref>[https://abcnews.go.com/print?id=5835269 Who's Whining Now? Gramm Slammed By Economists] {{webarchive|url=http://archive.wikiwix.com/cache/20110805141550/https://abcnews.go.com/print?id=5835269 |date=2011-08-05 }}. [[ABC News (United States)|ABC News]]. Sept. 19, 2008.</ref> In an article in ''[[The Nation]]'', Mark Sumner asserted that the Gramm–Leach–Bliley Act was responsible for the creation of entities that took on more risk due to their being considered "[[too big to fail]]".<ref>[http://www.thenation.com/article/john-mccain-crisis-enabler Sumner, Mark – John McCain: Crisis Enabler] {{webarchive|url=https://web.archive.org/web/20101125153425/http://www.thenation.com/article/john-mccain-crisis-enabler |date=2010-11-25 }}. ''[[The Nation]]''. September 21, 2008.</ref>