PARTY OVER, OOPS, OUTTA TIME

This NYT story has been making the rounds on the InterWubs:

CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS

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.

Publication date:

November 5, 1999

Key passages:

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 opponents of the measure gloomily predicted that by unshackling banks and enabling them to move more freely into new kinds of financial activities, the new law could lead to an economic crisis down the road when the marketplace is no longer growing briskly.

''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.

''The concerns that we will have a meltdown like 1929 are dramatically overblown,'' said Senator Bob Kerrey, Democrat of Nebraska.

All of which is worth reposting, given current events.

Amusingly, here’s a screen shot of the current NYT Business Section promo box running next to the article:



Let's take a closer look, shall we?



Oh, and notice that quote from Phil Gramm up there next to Madoff's photo?

Good call, Phil.

The world won’t listen,

This is dF