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	<title>ulken.com &#187; financial crisis</title>
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	<link>http://ulken.com</link>
	<description>Eric Ulken&#039;s adventures in online journalism</description>
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		<title>Banking law: Holding them accountable</title>
		<link>http://ulken.com/2009/03/26/banking-law-holding-them-accountable/</link>
		<comments>http://ulken.com/2009/03/26/banking-law-holding-them-accountable/#comments</comments>
		<pubDate>Thu, 26 Mar 2009 10:24:44 +0000</pubDate>
		<dc:creator>Eric Ulken</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Byron Dorgan]]></category>
		<category><![CDATA[financial crisis]]></category>
		<category><![CDATA[The Washington Post]]></category>

		<guid isPermaLink="false">http://ulken.com/?p=433</guid>
		<description><![CDATA[You know that 1999 NYT story that&#8217;s been floating around on Twitter about the passage of the bill to loosen U.S. banking regulations by repealing the Glass-Steagall Act of 1933? It includes some prescient warnings like this one from Sen. Byron Dorgan: &#8220;I think we will look back in 10 years&#8217; time and say we [...]]]></description>
			<content:encoded><![CDATA[<p>You know that <a href="http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html">1999 NYT story</a> that&#8217;s been floating around on Twitter about the passage of the bill to loosen U.S. banking regulations by repealing the <a href="http://en.wikipedia.org/wiki/Glass-Steagall_Act">Glass-Steagall Act</a> of 1933? It includes some prescient warnings like this one from Sen. Byron Dorgan:</p>
<blockquote><p>
&#8220;I think we will look back in 10 years&#8217; 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 1930&#8242;s is true in 2010.&#8221;
</p></blockquote>
<p>Like any outraged citizen, my first instinct on reading this was to figure out who to blame for passing this law. So I thought I&#8217;d use WashingtonPost.com&#8217;s <a href="http://projects.washingtonpost.com/congress/">congressional votes database</a> to see how members of the <a href="http://projects.washingtonpost.com/congress/106/house/1/votes/570/">House</a> and <a href="http://projects.washingtonpost.com/congress/106/senate/1/votes/354/">Senate</a> voted on <a href="http://projects.washingtonpost.com/congress/106/bills/s_900/">this bill</a>.</p>
<p>The Post&#8217;s database allows users to group votes by several criteria (including some silly stuff like lawmakers&#8217; astrological signs). The most salient stat seems to be &#8220;boomer status&#8221;: Pre-baby-boomer lawmakers were more likely to vote against the bill (especially in the Senate), presumably because many of them still remembered the Great Depression.</p>
<p>Maybe older really does mean wiser?</p>
<p>If you find other interesting trends in the data, post them here.</p>
<p><b>Update:</b> <a href="http://www.opensecrets.org/">OpenSecrets.org</a> is a few steps ahead: Back in September 2008, <a href="http://www.opensecrets.org/news/2008/09/money-and-votes-aligned-in-con.html">they had details</a> not only on the voting record for the banking bill but also on industry contributions to lawmakers broken down by yeas and nays. (hat tip: <a href="http://twitter.com/bill_allison">@bill_allison</a>)</p>
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