Skip to Content.
Sympa Menu

homestead - [Homestead] Will we ever learn from history?

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: "Lynn Wigglesworth" <lynnw1366 AT hotmail.com>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: [Homestead] Will we ever learn from history?
  • Date: Sun, 7 Dec 2008 11:06:25 -0500

A good NYT editorial, comparing Obama's "best and brightest" team to JFK's team. And history repeating itself in other ways. This paragraph struck me:

"Geithner was no less tardy in discovering the reckless, wholesale gambling that went on in Wall Street's big casinos, all of which cratered while at least nominally under his regulatory watch. That a Hydra-headed banking monster like Citigroup came to be in the first place was a direct byproduct of deregulation championed by Rubin and Summers in Clinton's Treasury Department (where Geithner also served). The New Deal reform they helped repeal, the Glass-Steagall Act, had been enacted in 1933 in part because Citigroup's ancestor, National City Bank, had imploded after repackaging bad loans as toxic securities in the go-go 1920s. "

http://www.nytimes.com/2008/12/07/opinion/07rich.html?_r=1




Archive powered by MHonArc 2.6.24.

Top of Page