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Schadenfreude Wayback Machine: Glass-Steagall Edition

March 27, 2009 RSS Feed Print

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It's making the rounds today, but a quick skim of this 1999 article on the repeal of Glass-Steagall is just full of all sorts of infuriating passages. Give it a read.

From the New York Times on Nov. 5, 1999:

CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS

A lead quote from a familiar name:

''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.''

It was true, until it wasn't.

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My, interest , Machine Glass Brick, ou machine Glass, ( manufared Brick Glass, thanks.

Enzo Gaviglia 2:31PM March 28, 2009

Permiting banks to sell and trade mortgage backed securities and collateralized debt obligations was not such a great idea as we now know. The repeal of Glass-Steagall allowed the foxes to join forces with the weasels and take charge of the hen house. No, we don't learn from the past and yes, we do soon forget. One thing we do know for certain is that the American taxpayer is always the one left holding the bag in the end.

Mike Ullman of OH 4:45PM March 27, 2009

this bill was sponsored by three Republicans named Gramm, Leach and Bliley. What we don't know is exactly who WROTE it.
We'll probably never know. But we can bet it was actually physically written by the banks, lawyers paid by the banks or lobbyists paid by the banks.
Perhaps we need laws that require detailed disclosure of the drafter(s) of any bill.
Perhaps the norm ought to be at Congress:
Tell me who wrote it for whom, I'll announce that on C-span and then I'll tell you whether I'm going to vote for it or not.

Muser of NM 4:11PM March 27, 2009

Schadenfreude Wayback Machine: Glass-Steagall Edition

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