Rachel Maddow Show: Somebody Saw It Coming-Byron Dorgan

[ebonics4everyone]

Obama's got his finger in the dyke. Maybe he needs to pull it out, and let the sheep have the big business loving GOP figurehead that they crave. The whole shithouse will explode eventually regardless.

[billp4]

Gee it's almost as if this could have been planned. But that could only happen if our government has been taken over by criminals.

[appleimaniac]

One honest politician in a pit of snakes. Remove the corruption of the system at its core and we will get the Gov't we deserve

[Oyaji291]

Austrian economists like Mises Rothbard Paul and Schiff have seen this coming as far back as the New Deal.

[TheChineseEmpire]

Ball-less Clinton signed the repeal just like he signed Nafta/gatt china trade agreement.  Clinton's daughter married into Goldman Sachs and Obama's campaign received funding from them - later he bailed them out. Goldman later reported a profit - didn't really need a bailout.

[qwertypoiu4321]

The US Federal State caused the economic contraction by coercion(violent regulation and inflation).

Fannie/Freddie/The Fed/HUD/CRA/State coercion caused the economic contraction, not Gramm-Leach-Bliley.

[lisabob22]

@qwertypoiu4321 too bad the facts don't back up the spin you foolishly believe.

[qwertypoiu4321]

@lisabob22

You are the one with ZERO 'facts'. There was ZERO de-regulation. GLB just shifted the regulating powers from GS to the Federal Reserve as the main regulator, overseeing all Financial Services Holding Companies. And the CFMA just reaffirmed the authority and jurisdiction of the CFTC to investigate, regulate and close down firms. And Bush had exactely ZERO deregulations.

If you know of ANY de-regulation, go ahead and enlighten us. But Coercion caused the economic contraction.

[1961arnie]

kinda funny they know it was wrong and yet they did nothing to fix it before it happen. unless we fix is now it will happen again

[braintnt]

VP Biden, and  Senate Majority Leader Reid voted to remove the protection.

[IP0Monsturd]

Ralph Maddow. When will MSNBC give a woman her own show in the evening?

[DoobieDonna]

MSNBC spelled judgment and liklihood wrong. But great report.

[braintnt]

As Dorgan mentioned only 8 voted against removing the protection

Boxer (D-CA), Nay

Bryan (D-NV), Nay

Dorgan (D-ND), Nay

Feingold (D-WI), Nay

Harkin (D-IA), Nay

Mikulski (D-MD), Nay

Wellstone (D-MN), Nay

Shelby (R-AL), Nay

McCain (R-AZ), Not Voting

[cavemanillustrations]

It didn't take a "rocket surgeon" to know that 3/1 ARMs mortgages sold to sub-prime borrowers (with no proof of income).

It didn't take a genius to know that an economic "boom" footed in C-grade notes that were wrapped in A-grade paper was a dead-end financial plan.

[jrewert]

Peter Sciff and Ron Paul saw it coming. The socialist policies of our current senator is not needed. I hope our governor runs against him. I'm no fan of Bush either.

[not8upwthit]

Plenty of people saw this coming and she knows it!

Check out Barak at the Senate Minority meeting in 2005 -they were adressed by the CEO of Fannie he latter recieved over 100k

DEMS=FANNIE/FREDDIE COLUSION

[allgoo19]

Gramm, Leach, Bliley, together they look like three stooges to me.

Has anybody seen them talking to the media lately? I'd love to see them answering questions.

[ritapoone9]

you really resemble a genital wart with brown hari sticking out of it

[moogle301]

hahaha i love that she acted out the time machine

I'm just watching Doctor Who - it would be funny if they had to cut costs and hire Rachel for the speciial/sound effects

[riverpotato]

Wasn't that a SNL 'Wayne's World' time machine?

[moogle301]

I have no idea :S somehow I've never watched that movie. And is SNL Sat Night live? A spoof? I don't really understand :S I've watched a few SNL clips but they're tough to find on youtube, it's very strict about them. And its not shown in the UK

but yeh, it didn't sound like the Doctor Who time machine at all, I was just watching Doctor Who at the time like I said and so thought it would be funny, it would be even direr than the spx fx the classic Dr Who's had (bad!)

[riverpotato]

'Wayne's World' was originally a recurring sketch on Saturday Night Live, which often included dream sequences where Wayne and Garth imagine themselves in fantasy settings. The sequences were introduced with Wayne and Garth imitating a stereotypical television fade-out by waving their arms in front of them and imitating a commonly used fade-out sound effect .(Wikipedia) Party On Garth!

[riverpotato]

I found a classic Wayne's World video with the sound effect! Go to dailymotionDOTcom and search for 'WAYNE'S WORLD SKETCH 1990 featuring Madonna'

[jeanscotta]

It happened on Clinton watch. They never give Clinton credit.

[kumwallace]

Can I say extreme liberal trash, how is she still on tv? I thought her ratings dropped farther than the titantic?

[riverpotato]

Sure, you can say whatever you like, but saying it doesn't make your Limbaugh induced delusions true.

[RaleighDawlishRaynar]

Subject: that was very inspirational - C Frontier

Anagram: Pray - Vital I Saint - Honest - War - For cretin

[RaleighDawlishRaynar]

Subject: somebody saw it coming

Anagram: Tycoon's wigs mob Media

[FluxCapacitor2008]

After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions.

The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This veto proof legislation was signed into law by President Bill Clinton on November 12, 1999

[FluxCapacitor2008]

The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[1] and by a 343-86 vote in the House of Representatives[2]. Nov 4, 1999:

[FluxCapacitor2008]

Biden voted against, McCain voted for.

From 1999.

[jdorf40]

God I hate NBC. They should start off the interview by saying this was in 1999....while the CLINTON Administration was in place. Why didn't slick Willy veto it before Bush ever had a chance of seeing it? Because Democrats are dirty lying pukes and the rest of the world is about to fill Mr. BarackO in on how big an idiot he actually is. Maybe next time they won't blame every problem this country has on 1 person and they also won't go and vote for somebody because they're a certain color.

[FluxCapacitor2008]

The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia),

THIS SHOULD HAVE NEVER BEEN INTRODUCED!!!!

[facil560]

Did you miss the part that said come back with me in the time machine to 1999? Clearly that was saying that it was...in 1999.

[FluxCapacitor2008]

This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process.[1] The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry

[FluxCapacitor2008]

The bills were introduced in the U.S. Senate by Phil Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats opposed

[jdorf40]

Bill Clinton was in office and signed off on it. Also, for the last 2.5 years congress has been held by the Democrats...so why didn't they change anything 2 years ago? Stop pointing fingers and put blame on everyone. Spending your way out of this with loans is a bad idea.

[FluxCapacitor2008]

Two wrongs dont make it right, the bill was introduced by three republicans and yes Clinton signed off on it but please note this was post-impeachment: Clinton was horse-trading with Republicans to get at least some of his agenda passed so that hed have some legacy other than Monica

Also investing our way out of this with jobs and reinvesting in Americas middle class for a change sound like a good idea to me. YES ON EFCA and NO TO CORPORATE GREED

[FluxCapacitor2008]

The banking industry had been seeking the repeal of the 1933 Glass-Steagall Act since the 1980s, if not earlier. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.

[tillo2008]

@HateAllNazis

o America tortures

o America spies on MANY countries

o America's CIA overthrows governments and trains extremist militias

o America's fake economy is the main contributor to the world economic slowdown

o America uses Iraq as a toilet, and treats the Coalition of the Willing and NATO as their toilet paper.

For more info, get away from mainstream news that covers only talking points and scandal.

I'm not Israeli, but your statements is the pot calling the kettle black.

[mustardom]

They need to look at Barney Frank and Chris Dodd they were told it was coming but like the dumb asses Keith O and Rachel they do not want to hear that. It was not deregulation, the regulation were there I just Barney Frank and Chris Dodd did not do their job. Maybe Rachel should study her history better.

[mustardom]

She acts like the dumb ass Keith Oberman. They have their heads so far up their asses. Rachel and Keith will run MSNBC into the ground like most left wingers do.

[midwestcharm]

Ron Paul was telling these corrupt ass clowns for years.

[Anag2080]

ron paul had been saying for years!

[btownhotties]

I agree completely. I swear Republicans are out to destroy America.

[hiyukenmusic]

@btownhotties Ignorance and greed is out to destroy America, whether Dem or Repube.

[DillonX]

Thomas Jefferson warned about business having too much influence over government.

Republican Teddy Roosevelt attacked the corporations & said they must be regulated.

Republican Geo Bush thought that corporations needed no regulations.

Now Democrat Obama is again saying they must be regulated.

Jefferson, Roosevelt, & Obama are right -- you must give business free reign within certain regulations.

It'll take a while for us to correct Bush's mistakes.

[CommonSenseJoe]

What Rachel fails to appreciate is the intellectual vacuum of her premise.  Dorgan was not right. He was the problem.

[beelz3333]

Guarantee she won't have Peter Schiff on, though. Peter called this thing precisely and a lot more accurately than this guy(the fed is the problem, not de-regulation), but Peter criticizes what Obama is doing so there is no way Maddow will have him on, the same way Maher denied him.

Did Obama, Frank, Dodd, Pelosi, Reid etc see it coming? Nope, you won't show clips of them though, will you Rachel?.

I'm a Libertarian btw, so don't accuse me of watching O'reilly or supporting Bush.

[vwdriv]

Actually, we are all talking about facets of the problem - a complex combination of a lack of regulatory interest in subprime, global trade imbalances, repealing caps on interest rates with variable rate mortgages and credit cards being offered to a stressed and consumption-prone middle class, poor risk models, and, yes the repeal of Glass-Steagall, so far as it created entities too big to fail. Government is the problem/savior is a remarkably reductive analysis. Some economists did, btw, see it

[beelz3333]

Like I said, Peter Schiff was the only one to call the entire thing, right on. Look him up. If the govt and more importantly, the federal reserve weren't able to interfere by keeping interest rates artificially low, pumping trillions of dollars into the system and encouraging all this borrrowing and consumption, this bubble would've never inflated.

[smilingseal]

About mortgage refi:.

Home occupied mortgages can benefit from refinancing. Even people who cant pay the mortgage.

There are people who are working hard to make monthly mortgage payments on a house they rent out.

Why aren't they allowed the same opportunity to refinance as dead beat primary home owners?

Something is wrong here, needs immediate fixing. Interest rates will not stay low forever.

[ozne64]

watch?v=TsNZSzwPxU0

[bobhardball]

Bush, Limbaugh, Oreilly and Cheney said no one could have seen the crisis coming. BUT here is a man confirming how moronic this statement is. It is time I forward this video to all my conservative friends and neighbors who joined me in ´08 and gave the liberal candidat a chance in my homestate Indiana! ´Cause it is time we turned more states into blue!!!

[beelz3333]

Did Obama, Pelosi, Reid, Frank, Dodd etc see this coming? HELL NO!

Barney Frank was doing the same thing Jim Cramer was doing, only about Fannie and Freddie. Both parties in the majority stink. The only politician who really called this in it's entireity was Ron Paul.

[chabuka123]

Question is, will President Obama give Senator Dorgan a listen..or will he continue to let Summers and Geithner run the show...?

[metaspore]

This Dorgan guy is winner.

[jqjacobs]

Keyword: "common sense"

That epitomizes the good Senator.

Sen. Dorgan sought excess profits on gas prices back before the big increases. No one listened then either.

[rspawn]

Interesting how it went from "to big to fail" to "to big to be allowed to fail".

[vaughnvdg]

BUSH didn't see ANYTHING coming or going for 8 years!!

[carboy101]

If he ran for President in 2016 I'd vote for him.

[aretz28]

Great man. Bad rug. LOL

[jqjacobs]

Too busy to sit for plugs!

Too intelligent to be vain!

[Plutonwolf]

Anyone who didn't see this coming at least since 1982 had better have been in a coma. When you stop producing finished goods from raw materials you stop producing wealth in the best manner possible and become very vulnerable to the whims of others.....like we are.

[xhagast]

Oh, I saw it coming but I didn't really expect it to come. Or maybe I expected it to come in pieces as other parts of the economy moved forward and absorbed the shock. I did see the housing bubble would go on for years and be brutal. I guess everything was based on the housing market to an insane degree.

I certainly wasn't shocked and amazed when it all came tumbling down.

[MeritisDE]

Byron Dorgan (as well as Russ Feingold) are of the best we have in public service these days.

I remember when this horrible act was pushed through congress. I remember Dorgan was one of the few people in congress that opposed this disaster.

[aretz28]

Feingold got my vote. He has since I first could vote.

[EricJaffa]

I thought Gramm-Leach-Bilely was a bad idea at the time.

Senator Paul Wellstone (D-MN) and Senator Russ Feingold (D-WI) apparently did too since they voted against it.

Most Senators voted for it because the DSCC (and the Republican equivalent) can accept huge donations, currently $28,500 per person.

Many of the people who can make those huge donations are rich executives.

If we lowered the maximum donation to party committees, then Senators would be less corrupt.

[allgoo19]

EricJaffa:

I totally agree.

The biggest regulation we need, above all, is one for lobbying, political contribution, aka elsewhere "bribe".

Behind every big problems we have and other countries don't, there's always connection to lobbyists.

[jarmtx]

OMG a congress-person actually used logic?? oh wait that was 10 years ago, so that explains it. I would like to thank the lucky stars that there are actually news shows now that tell the truth

[goldgrif]

many did see it coming, no one wanted to admit it