Bill Clinton wasn't smart enough to see that the Gramm–Leach–Bliley Act of 1999, which he supported, and which effectively repealed the 1933 Glass-Steagall Act, would result in a huge bank bailout in 2008. Had Glass-Steagall remained in effect, retail banks like Wells Fargo and Bank of America would have been prohibited from making the types of high-risk investments that almost broke them.