Industry Repeats Itself: The Financial Reform Fight

Source: Taylor Lincoln, Editor: Donald Cohen, Public Citizen and Cry Wolf Project, June 2011

Bankers and business leaders described the reforms following the financial meltdown in foreboding language, such as “monstrous systems” imposing an “impossible degree of regulation” that would “cripple” the economy and set the country on a course toward socialism.

Many of the chieftains’ complaints centered on matters affecting their own industries, but they portrayed regular Americans as the true victims because, they said, new laws and regulations were halting the flow of capital, grinding the nation’s job creation engine to a halt.

Although readers could be forgiven for assuming that these complaints refer to the debate over the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the quotes above are actually 75-year-old responses to the New Deal reforms following the Great Depression.

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