The old and the new…
An old article in the New York Times talks about the decision by the U.S. congress in 1999 to repeal the Glass-Steagall Act of 1933. This led to the economic collapse and the establishment of the absurd “privatisation of profit and socialisation of loss” mantra which deprived many politicians of the little credibility they possessed.
The following is an extract from the article:
”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. ”I wasn’t around during the 1930′s or the debate over Glass-Steagall. But I was here in the early 1980′s when it was decided to allow the expansion of savings and loans. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”
Well, you know, hindsight is always 100% and I do not want to come across as a smart Alec. I did find the article interesting though, and believed it was something worth sharing.
Salut!
Some lovely people having a lovely time