Reply #5: And Roubini's buddy Larry Summers in the middle [View All]

[jakeXT]

Schadenfreude Wayback Machine: Glass-Steagall Edition
March 27, 2009 03:30 PM ET | Kirk Shinkle | Permanent Link | Print

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
http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html?sec=&spon=&pagewanted=1&emc=eta1

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.

http://www.usnews.com/blogs/the-ticker/2009/03/27/schadenfreude-wayback-machine-glass-steagall-edition.html