Byron Dorgan’s Crystal Ball

[pcburgh01]

I audit; degree in economics. There was total lack of oversight on top of inherint risk. I still wonder if regulators KNEW there would be a collapse but were held powerless because of this legislation. Some relationships in business really should not exist.

[nubonyx]

@pcburgh01 , they should. The crash in 1929, the thrift and savings scandals of the 70's and 80's and how it came about should be taught to in high school. Then these kids would know what they're going to be dealing with and have the will and means to stop it. Politicians, many of them are complicit and could care less about the American people, but they want to make sure that we foot the bill for their fuck ups. I don't have a degree in economics but I do read and pay attention.

[pcburgh01]

@nubonyx By regulators I essentially meant the SEC; not politicians. Our current downfall was preventable and we are not even half way through it. The tip of the iceberg is exposed, but the underlying chaos will be contained for only so much longer. The checks and balances will prevent total collapse in the near, but I am afraid the contraints on growth will come from the fact that baby boomers will be living longer with much much less as a result of losses incurred in the very near past.

[matilibici]

Loose the hairpiece dude! maybe that's why nobody is listening to you! It is so bad, it distracts the viewers from your messsage! got it?

[pbmdh]

@matilibici

I'm surprised you even have two braincells to rub together if something as stupid as that distracts you.

[matilibici]

@pbmdh Well, thanks for the comments, but, all I'm saying is that no matter how wise you are, just having a bad piece of rug on top of your head, makes you look ridiculous! What's wrong with being bold especially when you're in your 60's? What're you hiding? I have a big bald spot on my head, and I'm not ashamed!

[davehoe30]

1. Glass Steagal was repealed in 1999.

2. The housing bubble burst in 2008.

Therefore, it was the repeal of Glass Steagal that led to the housing bubble bursting. I do not get the connection.

[simba6477]

@davehoe30 The repeal of Glass Steagall did not lead to the bursting of the bubble, the repeal led to the INFLATION OF THE BUBBLE in the first place, and that inflation happened over the subsequent years, especially '05, '06, and '07... the removal of the wall between commercial and legislative banking led to securitization of bad mortgage loans...both the government and financial sector are at fault for the crisis.

[Zickefoose]

@davehoe30 Because it allowed it to get fat and sloppy. And huge and deformed and fucking STUPID, you can ONLY make so many bad investments untill everything crumbles down. And then it ALLOWED the world elites to do whatever they wish, they NOW have free reign of America. God be with us all.

[sonofsnood]

I'm from Washington and I'd vote for this guy. Seems like a straight forward guy who is looking out for this country.

We need more politicians like him.

[bobdevo]

If Bill Shithead Clinton had vetoed it, the Republicans didn't have the votes to override the veto.

[ERROLCUSTERFLYNN4EVR]

flush all the TOILET FISH,,,,,,JUST FLUSH EM!

[jmztitans2]

Look, I'm a Democrat, but Clinton signed the bill, and many Democrats supported the bill. Let's be fair, both sides are at fault for this, and both sides should want to fix it.

[Alexltavares]

@jmztitans2

It was a straight party line vote in the senate. All GOP voting for (53) and All Dems. (44) voting against with the exception of one Dem voting for.

A similar bill passed in the house by a vote of 343-86 (GOP 20516 for; Dems 13869 against)

After the two bills were reconciled in conference committee and passed again in the congress, Clinton relented and signed the bill.

This was purely a GOP debacle, with a little help from Blue dog Dems.

[jmztitans2]

@Alexltavares If 44 Dems voted against the bill, then with a Clinton veto there would not have been able to be an override. But, yes, it was mostly a GOP debacle.

[MovieMakingMan]

The republican controlled congress (both houses) passed this bill. Republicans who lust for deregulation ALWAYS sell out the people and the consumer to corporations, ALWAYS. They NEVER do what is right for Americans, because they are nothing but prostitutes to their corporate pimps.

The corrupt republican-controlled congress in the late 1990s spent more time attacking President Clinton for a sexual escapade which hurt no one, while they gutted regulations that destroyed millions of people.

[sming01]

there was no deregulation during the bush years

[MovieMakingMan]

Bush put corporate hacks in top positions in the SEC, EPA and other regulatory agencies to reduce enforcement of the law. Bush also underfunded every agency that oversaw businesses. In 2000, Bush said "Businesses MUST be allowed to regulate themselves!" If Bush and conservatives had their way there would be Enrons on every Main St in the US. They love to have corrupt corporations destroying Americans lives.

[Zickefoose]

@MovieMakingMan This is where we become blinding brainwashed... Republican and Democrat are simply WORDS. Each one that is high up on EITHER side is bought, fed and raised by the ultra rich and companys. It's that simple. So, they divide us.. They make us think we cant like eachother, it's just a bunch of bogus propaganda that we ignorant Americans buy into over and over. OMG! BAD CLINTON! Bush to save the day! WTF!, OMG BAD BUSH! Obama to save they day! WTF, now who!? Stop playing there games!

[MovieMakingMan]

@Zickefoose I agree with a lot of what you say, but conservatives would like to see total corporate domination over our country, gut every regulation and give our treasury over to corrupt corporations. Conservatives are stupid people who support corporations that will hurt them. There are a lot more democrats that want to even the playing field and help protect the little guy from corporate predators. Conservative extremists are stupid and they lap up every word from right wing radio liars.

[Zickefoose]

@MovieMakingMan Corporations own nearly ALL Conservative AND Liberal politicians... Your point is mute for the very fact that they are ALL working for the same people. They DONT work for you, or me.. or our friends. Only Corporate America... THATS IT! People are so blind to the fact that they can get WHOEVER they want in office REGARDLESS of Liberal or Conservative. We just simply keep jumping back and fourth. That;s it! They created this two party system so that we truely have no system.

[MovieMakingMan]

@Zickefoose I know the 2 party system is virtually a 1-party system of whores. But republicans, especially mindless conservatives, are absolute whores to businesses. Just yesterday when a vote in the senate to hold BP accountable only 1 senator objected and stopped the vote, it was the oil whore from Alaska, a republican, who has received about a half million dollars from her oil pimps. We need public financing of elections & severe limits on contributions or the corrupt process will continue.

[Zickefoose]

@MovieMakingMan Yes! thats what I am trying to get across to people. Siding with one side or another just hurts the informing part because often people lose complete credibility just because someone is Conservative or Liberal. That's exactly how they want us to act. That is how they are able to do what they do. Noone votes for who they like anymore, most cant even explain a hand full of things about the people they vote for. They just vote Republican or Democrat. It's just a sad world anymore.:(

[Zickefoose]

@Zickefoose And there is no need to have a bunch of your employees do what it would only take 1 to do the job. Just like the healthcare bill. They always seems to barely squeak these by. They just get paid to do it and take the political heat so everyone is blind to the real forces of evil behind the picture.

[DrTTube]

Smart guy Dorgan. This would be a prosperous nation if we had more like him.

[robb1031]

Watch The Warning

Just Google this

The Warning PBS Frontline

[nyteaparty]

Great job by PBS. I watched that video and it was clear as day. The worst part is realizing the same idiots in the WH then are the same ones in theire right now!

[robb1031]

Yes, that was what stood out the most for me. another good independent source on this subject is Matt Taibbi

[hhemken]

@whatisbestinlife

"Obama's biggest blindspot is..."

There is no blindspot. These people aren't hapless ill-informed newbies. These people deliberately and consciously make policy, with full knowledge of many likely scenarios.

The big money wins practically every time.

[adams1961]

Sen. Dorgan was dead-on ten years ago. And again 9-years later about the Paulson-Bush TARP bail out. I guess Se, Dorgan is not on the "take" for large amounts of "campaign contributions" from Wall Street.

[nyteaparty]

You mean the

Paulson/Geitherner/Pelosi/Bush­/McCain/Obama TARP?

[DeSwiss]

Yes, I remember when he said this. Along with another soothsayer by the name of Brooksley Born.

She, they sicced Congress on and when she wouldn't back down, they rewrote her job so it was no longer her responsibility. And the guys that were the hatchet men to do all this? Well among several but key were: Lawrence Summers and Timothy Geirtner.

Do those names sound familiar?

[whatisbestinlife]

Indeed. Everyone who wants to understand what happened to the financial services sector, and to our economy, over the past decade needs to learn about Brooksley Born.

She is an American hero, that people like Lawrence Summers attempted to destroy. And she was right, while Summers was wrong.

Obama's biggest blindspot is i regards to the financial services sector. And two of his biggest, most damaging mistakes were appointing Lawrence Summers and Timothy Geithner.

[DeSwiss]

That's the problem. I don't believe for one minute that it is a blind spot, but intentional as hell.

Of course the alternative would still have been John McCain. Sowhatareyougonnado?

Right.

[JoeyPencils]

there were more than 2 choices for president...

[DeSwiss]

I'm smiling now. :-)

Thanks. I needed that.

[nyteaparty]

Why do you assume its a blindspot?

[quenuca]

Not only they didn't listen to this wise man 10 years ago, but they are still listening to the wrong people, apparently, as the looting in Wall Street continue and the bonuses at Goldman Sachs grow bigger. It is obvious that it is not the wise who run this world, but the greedy.

[arodaman]

How about writing to our congressmen and senators asking them to bring a bill to the floor reinstating the Glass-Steagall Act. It's a stretch, but who knows they might listen.

[Melville10]

He is also a fierce opponent of outsourcing. He's been on Lou Dobbs's program several times.

[XMIKE920]

Wow he is so smart to predict this will actually happen he is a very good senator

[sushigeek]

Byron Dorgan is a great Senator, and this is just further proof of that.

[MoralMoney]

No he didn't have a crystal ball. He is just a Democrat without a blind right-wing, committment to "free markets".

[Xaxby]

He didn't have a crystal ball. He had courage and integrity and refused to be bought off. People like Dorgan are a dying breed because as per the law of natural selection if we the people keep voting for these "name brand" big name corporate funded media darling politicians, it send the wrong message to those who try to be honest in that it is very

difficult to compete with big money without compromising.

Stop voting party and start looking at in-

dividuals voting records.

[FishOn0408]

I could not agree more. Well said, Xaxby. This wasn't any big secret what was going to happen if we pulled out these safe guards. The same thing happened in the "Roaring 20s" which led to the "Great Depression."

But it is very difficult for populist candidates to win in big states. They need to raise so much money... they end up being funded by oil companies, banks, credit card companies, etc... and guess who they side with once the legislation is being written.

That's my 2 cents worth anyway.

[Zickefoose]

@Xaxby He was still bought off. He knew they planned on crashing the economy, and then buying EVERYTHING up so the government now own pretty much EVERYTHING. Including that 90+% of ALL Home mortgages. Only difference was he didnt have ENOUGH balls to rat them out. Otherwise, he would be laying face first in a ditch somewhere. HOWEVER he did try in a sense. He said it would happen in about 10 years, though they crashed it much sooner.

[lookout816]

it was all part of a long plan to crash the US for the NWO

[FaaarLeft]

Why isn't he president?

[YOELTHEKING]

Do u see that wig at the top of his head?

I'm trying to make light of a dire situation. He was right and should probably be president.

[Xaxby]

Because he's not in the club.

[Namari12]

Wow.

I wish they had listened.

[Xaxby]

The did listen, but they did what they were paid to do. Take the financial bailout vote.

Take the vote to authorize the Iraq invasion. The vote for the USA Patriot Act, and FISA. There's many good arguements against. Usually these people get marginalized as being unpatriotic when they in fact are the true patriots.

[woodyaan]

special thanks to Sr.Coburn, Rep. DeFazio, Sr.Dorgan, Rep. Sherman,Sen.Sanders, Rep.Kucinich, M.Kaptur..and others who stand up heroically FOR THE VALUES of this country.

USA people is WITH YOU!

[StephinRazin]

11.3 trillion wow. Paper currencys are doomed to failure.