Democratic North Dakota Senator Byron Dorgan Saw What Was Coming (and no one listened!)

Richard Metzger is Boing Boing's current guest blogger

From Fishbowl LA:

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This is from the NYTimes from November, 1999. The article is titled, "Congress Passes Wide-Ranging Bill Easing Bank Laws" about the repeal of Glass-Steagall a Depression-Era law to separate bankers and brokers:

"'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.'"

Read the whole article. Go ahead. We're in the fetal position hoping the pills kick in sooner rather than later.

Via FBLA, via Reddit

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