When we forget the mistakes of history, we’re doomed to repeat them. Note the date this was published.
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 1930s is true in 2010, said Senator Byron L. Dorgan, Democrat of North Dakota. I wasnt around during the 1930s or the debate over Glass-Steagall. But I was here in the early 1980s 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.
Senator Paul Wellstone, Democrat of Minnesota, said that Congress had seemed determined to unlearn the lessons from our past mistakes.