Historian and speaker Neil Howe and co-author, the late William Strauss wrote a book The Fourth Turning. The Fourth Turning offers this bold prophecy:
Just after the millennium, America will enter a new era that will culminate with a crisis comparable to the American Revolution, the Civil War, the Great Depression, and World War II. The survival of the nation will almost certainly be at stake.

Strauss and Howe base this idea on a theory of American history as a series of recurring 80- to 100-year cycles or four generations:

* 1st is a generation whose experiences are forged in depression and war followed by;

* 2nd a generation that quietly and slowly rebuilds the country followed by;

* 3rd a generation that rejects the notion of quiet and keeping your nose to the grind stone and states I want to become spiritually enlightened so they rebel followed by;

* 4th the generation that says the hell with all that moral stuff, I want lots of money and get rich at the expense of everyone else. This group is dedicated to the complete worship of mammon and self hedonism as they would destroy everything and everyone in the whole world to bring money to them. Because of their horrible excesses of getting rich they also engage in the elimination and repeal of anti trust, anti greed and anti corruption laws. Having achieved this of course causes another depression and a war. Thus the cycle begins all over again.

To illustrate that such cycles are sited, they predicted the next depression around 2000-2010. The last depression was 80 years ago or 4 generations ago. 80 years before that was the great depression of the 1850’s – 1860’s. That led to the Civil War. 80 years before that was the 1760’s that lead to the Revolutionary War. 80 years before that, was the depression of the 1690’s the war of the Roses and on back to the 1400’s or so.

These cycles may be caused in part for this reason. When the last people who remember how it really was die off that memory is removed from the collective conscious and people fall into the destructive 3rd and 4th cycles.

In 1933 the Glass The Glass-Steagall Act passed. This regulated the banks and said you can’t have banks gambling. In 1998 Phil Gramm says we’re going to repeal that and pass the Gramm – Leach -Bliley Act. That Act which is now leading us into a depression. Thus proving the great insanity is again repeated.

Wikipedia says it this way:
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[citation needed] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act, which passed in Congress with a 343-86 vote in the House of Representatives, before being sent to conference committee; the final bipartisan bill (Senate: 90-8-1, House: 362-57-15) was signed by President Bill Clinton.

This is what the Republicans did in the 1920’s. Being they repeated the insanity of the 1850’s which accompanied the collapse of the Wig Party which was followed by the collapse to the Federalist Party which brought into existence the Republican Party.