Lessons from the past

Yes, one can always find someone who prediceted the future correctly in hindsight. But this one is impressive, especially the ten years estimate… Senator Byron L. Dorgan, Democrat of North Dakota said in 1999, after the Congress passed the bill to erase a lot of bank laws: ”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. 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.”  I am thinking of contacting him for some stock-market advise