The House of Cards

Far be it from me to say I told you so, but….

Destroying the New Deal

In History, Integrity, News, Social and Politics on February 14, 2008 at 1:15 pmFrom the “heard it here first” dept…. the following comments were first posted online in February 2002. It is re-posted here at a time when the latest budget proposal has been unveiled, showing with more clarity than ever the nature of the agenda outlined here.

What we are seeing is the re-enactment, or perhaps a dress-rehearsal for the re-enactment, of the financial disaster which led to what Herbert Hoover tried to dismiss as a mild “depression” on an otherwise healthy economic chart…. giving us the famous term that defined a generation and its struggles.  Unmentioned in this rant of mine, but integral to the program it describes was the 1999 repeal of the Glass-Steagall Act, the major accomplishment of Senator Phil Gramm of Texas, when he was chair of the Senate Banking Committee.   Whenever you heard politicians in the last twenty years talk about “fixing” or “updating” legislation that “has been in place since the 1930s”, remember why that legislation was put in place in the 1930s….. to prevent a reoccurrence of what happened in the aftermath of 1929.


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