Collective Memory and the Rule of Awful People

One could hope that in the age of the Internet, our national memory would be a little bit better than in times past - that past errors and successes would be handily recorded and remain available to the masses for their consumption, and that the people involved in those decisions would be justly rewarded or shunned for their performances.

(nicked from BoingBoing)
From The New York Times, November 5, 1999:CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS

Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses.
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The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.
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'The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. ''We have a new century coming, and we have an opportunity to dominate that century the same way we dominated this century. Glass-Steagall, in the midst of the Great Depression, came at a time when the thinking was that the government was the answer. In this era of economic prosperity, we have decided that freedom is the answer.''

Guess which ideology is still calling the shots. Brilliant.
(nicked from BoingBoing)