From Dailykos ...
Here's Senator Byron Dorgan (D-ND), giving an amazingly prescient speech on the eve of the passage of Gramm-Leach-Bliley (GLB) on November 4th, 1999. In a few words Dorgan's telling Congress that GLB (also known as the Financial Services Modernization Act) will bring a financial disaster equaled only by what happened during the Great Depression. In Part II (at 3:00) Dorgan warns of the coming "too big to fail" reality to come ...
I discuss GLB, along with other deregulation efforts, in Chapter 11 ("The Deregulation Game") of my book, The Myth of the Free Market.
As an aside, I've been arguing in my nation-wide book promo radio interviews this week that dumping money into Wall Street is not enough. We need to snap back old provisions, which means repealing GLB, among others.
- Mark
2 comments:
HEY! I just read about this yesterday in this week's issue of Newsweek magazine!
http://www.newsweek.com/id/192468
Wow.
Of course, when you build a house of cards, it doesn't take a rocket surgeon to tell it will fall. But how the hell can people say "Oh, who could have known?" about today's mess? Truth is, anybody with a brain could have known. Dorgan knew.
It's got to be bittersweet for Dorgan to have predicted it and then seen the train wreck unfold. But this sort of satisfaction is the kind we would rather do without, if only the train can be kept on the tracks.
Noni
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