Wrong. Repealing Glass-Steagall did not permit giant financial institutions to merge; it allowed a single holding company to own both at the same time. And there was no such merger that contributed to the meltdown. Nor was "wreckless" (sic) banking to blame; the banks were coerced by the federal government to relax their lending standards, while FNMA was instructed to purchase and securitize vast numbers of marginal mortgages, and banks were REQUIRED to buy them in order to meet recourse rule reserve requirements.
The meltdown was caused by progressive home ownership policy and stupid regulation.