'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.''
The article is worth reading for a host of reasons. For one, it exposes our political system and highlights that some legislators do, in fact, understand our complex economy -- even if they're unable to stop the train of stupidity that they're riding on.
Another quote from the article that's telling:
''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.''
Hopeless, stupid mistakes by people that had all of the facts, the history and the understanding to know better, and yet they still proceeded to enact legislation that would be our downfall.