Looking back through the looking glass
Posted on March 28, 2009 by by Loquacity
This is a NY Times article from 1999:
http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html?pagewanted=all
Choice quote:
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.
and
“I think we will look back in 10 years’ time and say we should not have done this ..”
Oh, how right they were!
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6 Comments to “Looking back through the looking glass”
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Argh! The link didn’t work! Here it is again (cross fingers):
http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html?pagewanted=all
L
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Yay!
L
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I bet everybody thought the dissenters were loonies and idiots. It always works that way. I can remember teachers looking at me like I had two heads because I thought that tables and spelling should be in the curriculum, let alone grammar!
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Indeed. What I thought was most amazing was the “in ten years’ time …” bit though. He even got the timing just about spot on too!
L
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Obviously a very wise person who could see something as plain as the nose on his face. The ten years is uncanny though!
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just goes to show that the future can be what you think it will be…
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