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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:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Ratio of money spent by Britons on prostitution to that spent on hairdressing:
A German scientist was testing an anti-stupidity pill.
A Twitter spokesperson conceded that a “Frat House”–themed office party “was in poor taste at best.”
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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.”