Byron Dorgan on Making Banks Play by the Rules

March 16, 2012

Bill Moyers talks with former Senator Byron Dorgan about making sure big banks play by rules that protect consumers from financial calamity, and how those big banks continue to leverage power and influence to avoid responsibility while maximizing profits. 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.

“If you were to rank big mistakes in the history of this country,” Dorgan tells Moyers, “that was one of the bigger ones, because it has set back this country in a very significant way and caused so much heartbreak and heartache, and a near total collapse of the American economy. ”


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