Moyer interview with Byron Dorgan Byron Dorgan Senator of North Dakota democrat Banking requires safety to be successful sounded the alarm when the government was thinking about taking down the Glass Steagall He said they will regret it in 10 years because he understood what caused the previous economic collapses Banks continue to leverage power and influence to avoid responsibility while maximizing profits but they should protect their customers 1998 he felt that there will be a collapse like in the great depression Wall Street influence in the politics to get rid of the Glass Steagall and the Congress decided to do it because it was old fashion and it hurts America bankers had money to persuade and do everything to get what they want Bankers didn t like regulations and were creating defaults and getting wealthy by doing that and put the country in a position for collapse both parties are responsible 1999 the abolition of the Glass Steagall was signed by Clinton Bankers say our biggest countries are regulations The financial institutions are still gambling with the money He passed a legislation saying if you are too big to fail you are too big to exist 40 of the income goes to one part of the population this is not accidental this is a result of public policies the wealthier you are the less taxes you pay the lower income and the higher burden This happens because the people on top hire people to look over their interest 2008 he was right they will regret it finance crisis 2010 Voted for Dodd Frank Wall Street Reform and Consumer Protection Act but it is too weak if banks are too big to fail they shouldn t exist
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