Byron Dorgan’s Crystal Ball

By  Lagan Sebert on Oct 01, 2008

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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.

Keywords: Byron Dorgan, Financial Crisis, Financial Modernization Act, George Bush, Glass-Steagall Act, Goldman Sachs, Gramm-Leach-Bliley, Housing Crisis, Merrill Lynch, Wall Street