1. QUOTE from:
    TEN YEARS AGO: CLINTON, SUMMERS, SCHUMER BLOW IT
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    We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.'' Senator Paul Wellstone, Democrat of Minnesota, said that Congress had ''seemed determined to unlearn the lessons from our past mistakes.'' "Scores of banks failed in the Great Depression as a result of unsound banking practices, and their failure only deepened the crisis ... Glass-Steagall was intended to protect our financial system by insulating commercial banking from other forms of risk. It was one of several stabilizers designed to keep a similar tragedy from recurring. Now Congress is about to repeal that economic stabilizer without putting any comparable safeguard in its place.". . ''The concerns that we will have a meltdown like 1929 are dramatically overblown,'' said Senator Bob Kerrey, Democrat of Nebraska. Full Article at City Desk
    Scores of banks failed in the Great Depression as a result of unsound banking practices, and their failure only deepened the crisis ... Glass-Steagall was intended to protect our financial system by insulating commercial banking from other forms of risk. It was one of several stabilizers designed to keep a similar tragedy from recurring. Now Congress is about to repeal that economic stabilizer without putting any comparable safeguard in its place.
    – Paul Wellstone SOURCE: City Desk 3 weeks ago
All quotes from:
TEN YEARS AGO: CLINTON, SUMMERS, SCHUMER BLOW IT
  1. 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
    SOURCE: City Desk 3 weeks ago
  2. If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world
    SOURCE: City Desk 3 weeks ago
  3. 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
    SOURCE: City Desk 3 weeks ago
  4. This historic legislation will better enable American companies to compete in the new economy.
    SOURCE: City Desk 3 weeks ago
  5. There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive.
    SOURCE: City Desk 3 weeks ago
  6. The concerns that we will have a meltdown like 1929 are dramatically overblown
    Bob Kerrey – Bob Kerrey SOURCE: City Desk 3 weeks ago
  7. 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
    SOURCE: City Desk 3 weeks ago
  8. 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.
    SOURCE: City Desk 3 weeks ago

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