In 1999:The most significant achievements this year by the White House and the Republicans leading the 106th Congress
Please Read: http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html
Choice quotes from the article:
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
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.
This is a historic day.
the new law could lead to an economic crisis down the road
"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," said Senator Byron L. Dorgan, Democrat of North Dakota. "I wasn't around during the 1930's or the debate over Glass-Steagall. But I was here in the early 1980's when it was decided to allow the expansion of savings and loans. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness."
Senator Paul Wellstone, Democrat of Minnesota, said that Congress had "seemed determined to unlearn the lessons from our past mistakes."
"The concerns that we will have a meltdown like 1929 are dramatically overblown," said Senator Bob Kerrey, Democrat of Nebraska.
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I'll let you draw your own conclusions from the article.
Choice quotes from the article:
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
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.
This is a historic day.
the new law could lead to an economic crisis down the road
"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," said Senator Byron L. Dorgan, Democrat of North Dakota. "I wasn't around during the 1930's or the debate over Glass-Steagall. But I was here in the early 1980's when it was decided to allow the expansion of savings and loans. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness."
Senator Paul Wellstone, Democrat of Minnesota, said that Congress had "seemed determined to unlearn the lessons from our past mistakes."
"The concerns that we will have a meltdown like 1929 are dramatically overblown," said Senator Bob Kerrey, Democrat of Nebraska.
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I'll let you draw your own conclusions from the article.
posted by Ray at 11:57 AM
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