This series of deregulations allowed high street banks to become involved in speculation. Massive amounts of cash, previously held in deposit (or reserve against hard times and bad debt) was freed up to speculate on the global markets. Those that got involved with the markets during this time made massive profits and those profits fuelled the unprecedented growth from the mid eighties to a few years ago. We all benefited from the boom time with the occasional recession, as is normal, but nothing like we have witnessed recently. During that speculation banks became involved in loans that were so obscure that the decision makers (top managers and directors) often didn't know what was going on. (Often these financial arrangements could only be understood by highly qualified mathematicians.) Many more recent loans were risky but were at high rates of interest which meant that if they paid off they would make further great profits. In an attempt to hedge their bets they passed on those risks to other institutions around the world to the point where it was impossible tell which banks were safe and which were not.
This would have been fine if the banks had only been involved in speculation. However, the repeal of regulations meant that this risk was spread to individuals like every one of us. Our savings and the finance of our employers were exposed to this risk. This is the origin of the concept of being too big to fail. Had the banks only been involved in speculation rather than high street banking then they could have been allowed to go to the wall. Instead, when their risks turned into massive failure we had to bail them out and now we have the massive deficits that we are trying to pay off.
Let's all try to remember the recent past and try to be informed about what went before. If we want an opinion we have to be aware of the news. Don't say, "It's boring I'd rather watch X Factor." None of us can have an opinion if we are not informed.