Friday, November 13, 2009
Senator Dorgan: "We Essentially Have Had Modern-Day Bank Robbers ... and There's Been No Accountability ... There's No Question the System Is Rigged"
Senator Byron Dorgan has some harsh words for the too big to fails:
It's one of the most frustrating things. We essentially have had modern-day bank robbers -- except that they wore gray suits and not masks -- and there's been no accountability for it ...
Every day we see energy speculators, war profiteers, managed health-care providers, media propagandists, and/or financiers given some unfair advantage over the average consumers and taxpayers, and the cumulative effect of the American people watching selfishness prevail over the public interest has been an undermining of the public's trust in government.
This "anything goes" approach to capitalism has injured the very economy we have aspired to create.
I'm a big fan of the free-market system...This is not about a liberal or conservative philosophy. It is about making sure our economy and the free-market system work for everybody...There's no question the system is rigged against the little guy. The bigger interests have a lot more information. They jerry-rig the system so that they always win.
Dorgan said 3 things are needed to fix the financial system:
One is to separate investment banks and FDIC-insured banks. Second, prohibit FDIC-insured banks from dealing in risky financial instruments on their own proprietary accounts... And third, abolish "too big to fail." If you're too big to fail, you're too big. Too big to fail is what I call no-fault capitalism.
Senator Dorgan was one of eight senators who stood up to oppose the repeal of the Glass-Steagall act in 1999, and said at the time:
I think we will in 10 years' time look back and say we should not have done this.