You can go ahead and pass Glass-Steagall, but until fractional reserve banking is eliminated, depositors money will always be at risk.
Regarding bailing out the banks: They should have been allowed to fail. The fear of failure tempers greed. If the government bankrolls the banks, they lose their fear of failure and become ever more reckless, eventually requiring more and bigger bailouts. The free market is a profit and loss system. Without losses, it's just crony capitalism.