Calling for the re-enactment of the Glass-Steagall Act is the new black on Wall Street.

FORBES: Calls To Break Up The Banks? All Talk, No Action

Even so the suspension, and the dramatic reshaping of Wall Street, represents the final repeal of Glass-Steagall.

ECONOMIST: Investment banking: Is there a future? | The

Regulatory evangelists including Nobel Prize economist Joseph Stiglitz and recent senatorial candidate Elizabeth Warren, not to mention the Occupy Wall Street protesters, have named the overthrow of Glass-Steagall as public enemy number one.

FORBES: Why The Glass-Steagall Myth Persists

Wall Street is worried that Congress will impose new regulations along Glass-Steagall lines to stop underwriting firms selling research.

ECONOMIST: Only if it is properly governed

After the Wall Street crash of 1929, it took four years before Congress passed the Glass-Steagall act, which split commercial banking from securities dealing. (Before the legislation bank deposits were frequently diverted in support of new issues by commercial bankers' investment-banking colleagues.) Other restrictive rules continued to be made until 1940.

ECONOMIST: Investment banks

So huge amounts were spent on lobbying by Wall Street firms, and sure enough the barriers began coming down, with Congress repealing the entire Glass Steagall Act in 1999.

FORBES: Bringing Back Glass-Steagall Would Rebuild Shattered Confidence In Wall Street