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Worth reviewing this story from the New York Times, November 5, 1999:
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…
”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.”
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 dissenters, led by Senators Byron Dorgan and Paul Wellstone, were generally derided as retrograde anti-free marketeers who just didn’t understand Wall Street and the geniuses who ran it.
Note: Turns out that Matthew Yglesias had posted an item about this story yesterday.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Estimated number of calories a person consumes during Thanksgiving dinner:
The earth had become twice as dusty during the past century.
A man sued Pennsylvania state police who detained him for 29 days when they mistook his homemade soap for cocaine.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”