Byron Dorgan is on Ari receiving kudos

[malaise]

for calling it right re bank regulations way back in the 1990s.

[malaise]

1. Down memory lane

https://billmoyers.com/content/a-senators-prophetic-words-then-and-now/


Dorgan was arguing against the Gramm-Leach-Bliley Act, also known as The Financial Services Modernization Act of 1999. The new law would repeal key elements of the Glass-Steagall Act of 1933, which separated regular, everyday banks from investment banks in order to protect peoples’ bank accounts from risky investments. Passed during the Great Depression, when bank runs were common and thousands of banks went out of business, Glass-Steagall also gave greater control to the Federal Reserve System and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with “the full faith and credit of the United States Government.”

“I’ll bet one day somebody’s going to look back at this and say, ‘how on earth could we have thought it made sense to allow the banking industry to concentrate through merger and acquisition to become bigger and bigger and bigger,’” Dorgan said. “How did we think that was gonna help this country?”
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You nailed it Sir

[dem4decades]

2. A Democratic Senator from North Dakota, how in the world can we get

Good and decent Democrats like Dorgan elected again from places like ND?

[malaise]

3. Remind Dems what they stood for - I will not support this legislation...it is the wrong thing to do

https://www.c-span.org/video/?c4373091/user-clip-byron-dorgan