Byron Dorgan’s Crystal Ball

Many experts point to the 1999 Financial Modernization Act as a cause of our current financial crisis. Senator Byron Dorgan opposed the act then and predicted our current crisis. More recently he has questioned the $700 billion bailout plan.

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  News & Politics

[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.

[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?

[Zovatt]

Because he predicted it due to the kind of deregulation that was happening then but ran RAMPANT under Bush.

[Adrian Casas]

I have a question and not to be too close to politics, but why do democrats blaim Bush if Byron Dorgan predicted the crash in 1999?? (Two years before Bush came in)

[jxsilicon9]

I can only go into some detail because of the characters limit. But Steagall kept securities,banking,insurance operations separate and conflict of interest prohibition. So before its repeal one corporation couldn't have securities,banking,insurance under one institution and advise for all of them. So basically you had citibank advising you to buy toxic mortgage securities.While on the other hand shorting the same securities and betting they will go bust.

[jxsilicon9]

Already tried. It failed.

[nickqt]

Big words from someone unable to identify sarcasm.

Go get 'em tiger!

[astrobill68]

Because morons like you are allowed to comment on things, that's why.

[nickqt]

Why does Byron Dorgan hate America?

[ebonics4everyone]

Dorgan wouldve been a good president.

[Huron2010A]

In the words of Governor Rick Perry.... Oops!

[uBooze]

There are more important things going on in the world besides Wall Street fleecing the public of all resources. Someone (who I will not name) gave the camera the finger at the Superbowl halftime show. This is an outrage!!!!