What was repealed covered a broad range of risky investments
So you say let them invest in whatever risky investment they want and have the government continue to provide federal deposit insurance, so the "risk" is not really theirs at all? Is that what you are saying? Or are you saying remove the federal deposit insurance and let them lose people's savings?
What do you think THAT would do to the economy?
Oh and you skipped right over the point about all the new, more complex and more risky financial instruments that have been created in the last few decades huh?