Dingell, Prophet Of Doom

Who saw this coming? The Dean of the House of Representatives, Rep. John Dingell (D-Mich.), that's who. Avi, on a roll, sends over his floor statement opposing the repeal of the Glass-Steagall Act in 1999:

"[W]what we are creating now is a group of institutions which are too big to fail. Not only are they going to be big banks, but they are going to be big everything, because they are going to be in securities and nsurance, in issuance of stocks and bonds and underwriting, and they are also going to be in banks. And under this legislation, the whole of the regulatory structure is so obfuscated and so confused that liability in one area is going to fall over into liability in the next. Taxpayers are going to be called upon to cure the failures we are creating tonight, and it is going to cost a lot of money, and it is coming. Just be prepared for those events." 

His full prophecy after the jump...
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