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Byron Dorgan Nailed it 10 Years Ago on Repeal of Glass-Steagall [View All]

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Truth2Tell Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-26-09 11:02 PM
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Byron Dorgan Nailed it 10 Years Ago on Repeal of Glass-Steagall
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*FLASHBACK*

This 10 year old New York Times article on the repeal of Glass-Steagall is CLASSIC! Ohh if we only knew then...

CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS
By STEPHEN LABATON
Published: Friday, November 5, 1999

Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses.

The measure, considered by many the most important banking legislation in 66 years, was approved in the Senate by a vote of 90 to 8 and in the House tonight by 362 to 57. The bill will now be sent to the president, who is expected to sign it, aides said. It would become one of the most significant achievements this year by the White House and the Republicans leading the 106th Congress.

'"Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Treasury Secretary Lawrence H. Summers said. '"This historic legislation will better enable American companies to compete in the new economy."

The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.

Read the whole thing here... it's awesome.


The award for prescience goes to Senator Byron Dorgan: "I think we will look back in 10 years' time and say we should not have done this..." Yathink?

Ohh, and then there's Larry Summers... bleating away. What a surprise.

And Phil Gramm. Nuff said.

Enjoy.
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