Would Glass-Steagall have slowed the financial 'crisis'

Mises:

It must be reiterated here that more controls in the framework of central banking can only slow down the pace of the erosion of real-wealth formation. They cannot prevent the erosion. (Remember, the Fed continues to pump money to navigate the economy). More controls will simply suppress banks' ability to amplify the Fed's pumping. In this sense, controls are preferable to a so-called deregulated banking sector.

Would more controls, i.e., keeping the Glass-Steagall Act intact, have prevented the current economic crisis? We suggest that the crisis wouldn't have been as severe, since controls would have prevented the massive monetary explosion since the early 1980s, which put the pool of real savings under severe pressure.

The financial deregulations have sped up the erosion of the real-wealth-generation process. Consequently, instead of having a severe crisis in 20 years' time, we have it now.