Academic

Guess The Futurist

By Gordon Smith, Christine, Hurt, Vic Fleischer, Fred Tung, Lisa Fairfax, David Zaring

Who said this upon the repeal of Glass-Steagall?

I mean, it's pretty uncanny how it encapsulates everything arguably good about GS and all the risks of its disappearance.  Maybe an economist said it?  Like Larry Summers?  Nope, he said:

Maybe a forward-thinking senator said it?  Like super-smart Senator Bob Kerrey, Democrat of Nebraska?  Actually he said:

So who was thinking about systemic risk?  Answer after the jump.

Paul Wellstone.  Paul Wellstone!  The most liberal senator was basically the only one (GLB passed 90-8) who thought the systemic risk thing through.  Which is either evidence that pessimists turn out to be right some time, or evidence that we need Glass-Steagall back.  Hat tip: Gawker.  Via Cajun Boy.

Full post as published by Conglomerate on March 30, 2009 (boomark / email).