I think we will look back in 10 years’ time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930’s is true in 2010
I think we will look back in 10 years’ time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930’s is true in 2010
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Senator Byron L. Dorgan (D-ND), in 1999, on the repeal of the Glass-Steagall act. Glass-Steagall, passed in 1933 in the midst of the Great Depression, separated banking according to type, such as low-risk commercial banks and high-risk investment banks. It was repealed in 1999 by the Gramm-Leach-Bliley Act, bearing the name of the three Republicans who created it, which allowed, among other things, commercial banks, investment banks and insurance companies to merge.
Turns out Senator Dorgan was only wrong in underestimating how quickly rampant greed and criminally negligent deregulation would lead us back down that path.
