Byron Dorgan on the 1999 Financial Modernization Act

October 2, 2008 12:30am by Barry Ritholtz

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

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