Friday, November 13, 2009

Senator Dorgan Got It Right; Did We Listen?

Senator Byron Dorgan (D-ND) is a smart senator.  Ten years ago he predicted that making changes in the law to allow banks, insurance companies, and other financial instututions to compete with each other and play in the other's fields, would be a problem.  At that time, he said he was afraid that in ten years time we would come to regret this (the changes in the law).  Boy was he right. 
Today, look at AIG, Goldman Sachs, and the large financial institutions that got us into what some call "the worst recession since the depression", by blurring the line between banking, selling stocks and derivatives, and insurance.  Every grade-school child knows today's economy is a mess.
What's disturbing is that almost a year after the bail-out of these "too big to fail" corporations, the public has no confidence in what we did, not sure anything's working, and many think we should have just let those mega-corporations fail.  What's more, is that Senator Dorgan, one year ago this month, correctly questioned whether spending all that tax payer money was the right thing to do.
Those that fail to learn from history, are doomed to repeat it. - Winston Churchill 
I think we should listen to him next time.

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