Origins of Our Current Crisis

Is this foresight? A regular Cassandra. Check out this blog posting I found while doing research for my next article. It's from November, 2007 by The New York Crank (that is not me). I want to say more about this later, but for now, check out the original article.

The New York Crank: How to keep the whacked-out Bush Administration's free enterprise purists from plunging us into the next Great Depression: "You are absolutely right about the very dangerous consequences of the repeal of the Glass Stiegel Act, as well as the repeal or lack of enforcement of other New Deal measures that protected our economy and consumers for the last several decades. The most recent example is the repeal in 2005 of the Public Utility Holding Company Act of 1935. These laws were passed to prevent the recurrence of economically disastrous activities of banks, utility companies and others that led to the Great Depression Over the last several years, they have been derided as antiquated statutes that strangle the economy. In reality, they were providing needed restraints on corporations that left to their own devices and driven by their own greed could destroy our present economy just as they did in 1929. This is precisely what we are witnessing today."