Friday, April 10, 2009

The Senator Who Saw This Coming

The Senator Who Saw This Coming
North Dakota Sen. Byron Dorgan expressed his fear of "exotic new derivatives called 'swaps' " way back in 1994. Five years later, when Congress passed legislation lowering the barriers between brokerages and banks, Dorgan told The New York Times, "I think we will look back in 10 years' time and say we should not have done this. "

I suppose a cynic could make the argument that if you let 100 Senators babble for 15 years eventually one of them would say something profound.

1 comment:

w said...

Byron Dorgan. The kind of Democrat that could not get elected in California.