Byron Dorgan on the 1999 Financial Modernization Act

In 1999 Congress passed the Financial Modernization Act, which allowed banks, insurance companies and investment houses to merge. Many experts point to it as one of the causes of our current financial crisis. At the time, Byron Dorgan was one of the few senators to speak out strongly against the legislation. Looking back, his predictions in 1999 seem prophetic and, looking forward, his views raise more questions about the $700 billion bailout plan.

Video after the jump

 

Source:
Byron Dorgan’s Crystal Ball
Lagan Sebert
American News Project, Oct 01, 2008
http://americannewsproject.com/node/135

American News Project
1050 17th Street NW, Suite 550
Washington, D.C. 20036
Phone: (202) 955-6460
A project of The Tides Center

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under

Uncategorized