General Discussion
In reply to the discussion: America thanks you Monica Lewinsky! [View all]misterhighwasted
(9,148 posts)From http://www.politico.com/news/stories/0908/13887_Page2.html [09/25/2008]:
Rep. John Dingell (D-Mich.), whose father helped write Glass-Steagall in the 1930s, saw it in clearer terms. The banks had been working on it for 40 no, hell no since it was enacted, the banks have been trying to get rid of it, said Dingell, chairman of the Energy and Commerce Committee. They worked like hell. They finally wore this place down. Everybody forgot what happened during the Depression and why Glass-Steagall was passed.
Dingell did what he could to persuade his colleagues before the vote to deregulate.
What we are creating now is a group of institutions which are too big to fail, he said then in words that sound unusually prescient now. Not only are they going to be big banks, but they are going to be big everything, because they are going to be in securities and insurance, in issuance of stocks and bonds and underwriting, and they are also going to be in banks.
And under this legislation, the whole of the regulatory structure is so obfuscated and so confused that liability in one area is going to fall over into liability in the next. Taxpayers are going to be called upon to cure the failures we are creating tonight, and it is going to cost a lot of money, and it is coming. Just be prepared for those events.
Dingells 1999 speech before Congress arguing against repeal.
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Apologies if I'm veering off topic. What could any of this have to do with Monica Lewinsky?