Happy 10th birthday, Financial Modernization Bill!

By Felix Salmon
November 12, 2009
Ten years ago today:

SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come...

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Ten years ago today:

SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come…

It goes on in that vein for over 4,000 words. But the limit of how much I could stomach was much lower than that. Tim Dickinson has some of the most damning quotes; unfortunately I haven’t been able to find a photograph of Alan Greenspan, Larry Summers, and others drinking champagne and eating a large cake upon which was written “Glass-Steagall, R.I.P., 1933-1999″. Maybe that’s just as well.

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You HAD to remind us!

Posted by kthomas | Report as abusive