Saw It Coming

Excellent interview with N. Dakota Senator Byron Dorgan

So, another treasured wingnut myth goes down in flames. Not only did eight Senators see this coming, but they tried to stop it – and got steamrolled by the GOP-dominated Congress.

There’s a culture, and the culture is that “Wall Street knows best.” You know, there were only eight of us in the United States Senate that voted no. This was a huge deal to repeal the protections that were put in place after the Great Depression — a huge deal. Eight of us voted no.

This thing allowed these huge financial holding companies, allowed them to bring significant risk into these banks and, you know, they just went hog wild. And now we’re in a situation in 2009 where we’ve seen this financial crisis and collapse, massive taxpayer bailouts. Now the question is how to put this thing back together and get out of this deep hole….

Hat tip to Firedoglake!