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Good To Know: A Dissenting Opinion, Vindicated

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Jun 18, 2009 10:40 pm US/Central

Good To Know: A Dissenting Opinion, Vindicated

Reporting
Don Shelby
(WCCO) The government has spent billions of dollars on bailouts to try to save our economy. Who could've seen this mess coming? One U.S. Senator did, and Don Shelby said he was a voice in the wilderness of greed.

Ten years ago, N.D. Sen. Byron Dorgan had to cast a tough vote. It was called the Financial Modernization Act of 1999, pushed by then-President Bill Clinton.

Wall Street and big business bankers had asked that the regulations put in place after the Great Depression be lifted. The vote was 90 to 8. Dorgan was one of the eight who voted against it.

He said from the floor of the Senate: "This will fuel consolidation and mergers in banking and financial services. The bill will raise the likelihood of future massive taxpayer bailouts. We will look back in 10 years' time and say, 'We should not have done this because we forgot the lessons of the past.'"

Well it is exactly 10 years later, and that is what everyone is saying. I just thought it would be good to know that our neighbor had it right all along.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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