glass steagall

[kayak3]

Doug Henwood wrote:
> Other countries have no equivalent of Glass-Steagall; they have
> large, universal banks. And many of those other countries have more
> egalitarian distributions of income and fewer financial crises than
> does the U.S. It's how you regulate and supervise the beasts that
> matters. All that populist inheritance about dispersal of ownership
> deserves a decent burial.
> 
> Doug

So many on the left seem to think this deregulation will lead to S&L
type bailouts when these huge firms get into financial trouple. They
become to big to fail so that the government has to step in and bail
them out. Do you disagree with this? Also do you think there is a risk
of people losing privacy as these firms merge and begin sharing
financial info about their clientel?