I found this in a LinkedIn group posting by Derrick Bemis, Data Analyst at Bondtrac.
"10 years ago we repealed Glass Steagall Act of 1933. It was said that we learned from our mistakes. We were told we had figured it out and that the banks would adhere to, and do, what is in the best interest of the people. This best interest of the people would then make them money.
10 years ago one Senator fought against the repeal of Glass Steagall and tried to get his voice heard. Bloomberg News tore him down. That gentleman was Senator Byron Dorgan. Byron Dorgan stated on November 12, 1999 that, "those not of the past are doomed to repeat it"..."10 years from now, I believe we will look back and regret our decision today". Congratulations Mr. Dorgan, you were correct."
I poked around the web for all of two seconds to find scores of legit corroboration.
"Senator Byron Dorgan, Democrat of North Dakota, was one of eight senators who stood up to oppose the repeal of the Glass-Steagall act in 1999. That repeal, which was signed into law by President Clinton exactly 10 years ago today, broke down the barriers between commercial banking and investment banking, and led to the growth of behemoth financial firms that were able to take enormous risks with impunity, because they were "too big to fail."
So, Happy Anniversary to all those who thought banks and brokers could regulate themselves. I am not an enemy of the "uptick rule" but this granting of power to institutions that were backed by the giverment (that was a typo but in looking at it, it makes a ton of sense) we sealed our fate.
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