Mon
Jan 30 2012
04:21 am
“If you were to rank big mistakes in the history of this country,”
By: EricLykins

Bill Moyers interview with Senator Byron Dorgan.

Dorgan was a nearly-lone voice in Congress in 1999 when he predicted economic calamity following a repeal of the Glass-Steagall Act and its protective measures. But given the economic meltdown nearly 10 years later, it turned out to be one of the most prescient speeches in American political history.

The pen that signed the repeal of Glass-Steagall (I wouldn't exactly call $300 million worth of lobbying efforts over 20 years a "mistake") hangs on Sandy Weill's Wall Of Me.

“Sandy took advantage of changes in the industry to build a financial colossus. In the end it didn’t work, and we are now paying for that as taxpayers.”

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R. Neal's picture

I wrote Clinton about this

Submitted by R. Neal on Mon, 2012/01/30 - 9:01am.

I wrote Clinton about this predicting chaos and urging him not to sign it. I've got a letter somewhere on White House stationary explaining why it was such a swell idea to "modernize" our banking system.

EricLykins's picture

one of the most prescient

Submitted by EricLykins on Thu, 2012/02/02 - 4:58am.

one of the most prescient speeches in American political history

video of it via Montgomery County (TX) Democratic Party

Dorgan Senate Session Speech Nov 1999 from BillMoyers.com on Vimeo.

"That kind of risk... one day with a thud, will wake everyone up."

cafkia's picture

The ranking of mistakes in

Submitted by cafkia on Thu, 2012/02/02 - 6:56pm.

The ranking of mistakes in America would have to have at the top the failure of the indigenous denizens to slaughter each and every one of any visitors prior to about 1960 and destroy any evidence of their existence.

EricLykins's picture

That plan was well-ruined by

Submitted by EricLykins on Fri, 2012/02/03 - 5:51am.

That plan was well-ruined by 1660.

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