Will We Ever Learn from Our past Mistakes?
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you'll recall a week ago and then
maybe three weeks ago I actually have had this conversation with you probably
a dozen times in the last few months
arm and over the last couple years as I was writing the crash 2016 I kept coming
back to this theme because it appears in the book
which is the idea that there's a lotta similarity between 2014 and 1914
and in the world is
is in a very precarious place both economically and geopolitically
and that
a as the probably apocryphal
a statement that has been attributed to various folks
I you know the when the ha the Met the last man dies who remembered
the horrors of the last great war
when he dies the next great war becomes inevitable
that in other words we forget the lessons of history
and then then we repeat the mistakes of history
and we you know this is so clear I mean you know
phil gramm in his buddies it at the at the behest of
have can lay the blowing up the glass-steagall Act
and been pushing through the Commodity Futures Modernization Act 1990 2000 and
and bill clinton sign in
and you know everybody just think you know you're OK again it's worked well
for
sixty years I guess we don't need anymore and
why did that happen why enough if gramm had had introduce that legislation
gramm-leach-bliley
into congress in 1950
when they were members of congress who had been alive in the nineteen twenties
when in 21 and 22 and 23
harding was aggressively deregulating banks on Wall Street
and cutting taxes and they had slipped through the twenties they saw the crash
in 29 as a result of the crash hours in 27 the crash the stock Bergen 29
the the you know unemployment rate fall to
in early 1933 to over 35 percent and and every single bank in the country
collapse
in March of 33 people who had lived through that they were in congress in
the nineteen fifties
and a phil gramm had entered is that it gramm-leach-bliley quite a few
Modernization Act
it he wouldn't just have been laughed out of the chamber he probably wouldn't
Arden feathers
it already have been not tarred and feathered but there he certainly never
would've been reelected by his constituents cuz they all remember to
but by 2000
a that was seventy years ago it was eighty years ago if you really wanna do
you know the beginning about the big mistakes were made in nineteen 21 22 and
23
that was eighty years ago from 2000 and he was 95 is almost a hundred years ago
from now
and so there was nobody in Chi I know bill clinton looks at the legislation he
has no recollection of this
what were the mistakes that led to the seven there are a few people on the
sidelines they were the
they were there but that the Paul Krugman's in the and the
robert rice is another and the buyer in Des Moines byron Dorgan
who were saying well I
you know I've read some history books and years are making a big mistake
and they were right
and the we haven't
by the way fix those mistakes our economy is still a risk
