Banking Crisis – Looking Back 10 Years

This NY Times page from 1999 outlines the start of the banking crisis, when the deregulation became law. Senator Byron L. Dorgan, Democrat of North Dakota, eerily said ”I think we will look back in 10 years’ time and say we should not have done this …”  While Mr.Dorgan could not have been more correct, Barney Frank could not have been more wrong. Mr.Frank said that the deregulation did not go far enough. (see page 2) Incredibly, Barney Frank is still in the middle of the mess in Congress. If it is time to clean house in the financial institutions, it should also be time to clean out the Congressional garbage that deregulated them.

Read the NY Times article.