Tweet
Much discussion today about Chris Dodd as a potential (if difficult-to-confirm) candidate to replace Tim Geithner atop the Treasury Department, which I think overlooks a much better idea: get Byron Dorgan to oversee America’s economy and, specifically, Wall Street.
Note the date on this C-SPAN segment: November 1999:
I think we will, in ten years time, look back and say ‘We should not have done this.’
Byron Dorgan correctly predicted the difficulties repeal of Glass-Steagall would cause our economy. His estimate was just one year too conservative. For why he would make a terrific new Treasury Secretary, please take a look at his appearance at FDL Book Salon in June last year:
I’m not giving up on turning the clock back, at least in part. We have to recreate some form of the Glass-Steagall act that separated banks from other risks such as real estate and securities.
Also:
I have written about the exotic new financial instruments they created. They were like hogs in a corn crib, making massive money by creating and trading unbelievably risky assets. Meanwhile the american taxpayers ended up paying the bill.
And, in response to a question about whether risky traders were any better than snake-oil salesman, Senator Dorgan pointed out just how long he’s been on this case:
Sure, except that it is probably unfair to snake oil salesmen. I wrote about this in the cover story for the Washington Monthly Magazine in 1974. I wrote a piece titles “Very Risky Business” warning about the potential of unregulated trading of trillions of dollars in derivitives requiring a “taxpayer bailout” in the future.
Showing that he would be Wall Street’s worst nightmare while still a fair broker for the interests of regular Americans, Senator Dorgan said this:
I think we need much more regulation. It is not a four letter word, despite what many of my republican colleagues claim.
But the big issue for me is whether we should continue to allow financial institutions be “too big to fail”. I think it is a failed concept. And it is time to consider breaking some of them up. Instead, they are still getting bigger through mergers approved by the government.
I hope that what we learn in mid June from the administration will be a set of policies that really represents financial reform. We’ll see.
Please go read the whole thing.
And read Byron Dorgan’s book too.
And you may agree with me: if President Obama wants to restore the American people’s belief that someone in Washington is fighting for them against the special interests, he should appoint Byron Dorgan his Treasury Secretary.
That’s change we can believe in.
87 Comments
This would be like Woodrow Wilson appointing William Jennings Bryan to State: a radical shakeup of the existing order, kind of like some of us heard Barack Obama promise on behalf of the American people when he campaigned for our support in 2008.
Yes!
Dorgan might be a good choice for some other Democratic Administration, but he is not FED friendly enough for this one. Although, Dorgan has never shown the ability to get much of his agenda enacted, maybe they could put up with his complaints for a while.
Dodd is a bankster that wld fit real well with the current Treasury department, Dorgon on the other hand wld be to much of a reformist and honest broker for that position. How can we rip off the country if a man like Dorgan is at the helm? Unfortunately, sending Dodd to the treasury is sending the fox to the hen house. Fried chicken anyone?
One of our problems as a Senator wants to do us a favor and rid us of Him, and people want to find a way to keep Him around.
People forget that Dorgan was in the Senate while most of the problems with our Country came to bare. He was not an opposition vote on all these bad things, so is just as much a problem as the other ninety nine Senators.
The whole Country needs new people and new politics, not old politicians in new positions.
If Obama dumps Geithner, it will be to replace him with Summers. Or Orszag.
Dorgan works for me. We still need him in the Senate.
He opposed the Gramm-Leach-Bliley Credit Modernization Act, which repealed Glass-Steagall after Citibank violated it by purchasing Travelers Insurance with a caveat that they would “disburse” themselves of the purchase if, after 18 months, Congress didn’t make the laws fit their illegal action.
So, yes, he’s been around a while, but Byron Dorgan’s been fighting the good fight.
Well, he won’t be in the Senate but for another year. What are the replacement laws like in North Dakota, Prairie? Will the governor be required to appoint another Democrat, like they do in Wyoming? Or will there be an immediate special election if Dorgan got another job?
Orszag ain’t getting appointed to anything for a while after this week’s news.
Excellent idea, Teddy. Which means nothing of the sort will cross Obama’s mind, unfortunately.
Right. Only Palins are allowed to have OW kids.
Credit cards?
He doesn’t. And he won’t
Dorgan would be perfect for the Treasury job? We can expect his polar opposite to be nominated in eight … seven … six …
IOKIYAAV (It’s OK if you are a Villager.)
Orszag Summers has to much heat from Elite Harvard Women I don’t see any sane woman Senator voting to confirm him they would risk their cocktail weenie party invites.
we are no longer in the larval stage of fascism. The worm has come. We must find stories of how other peoples resisted. It took Chile over 30 years, but they finally did it. How? We must look to the South as they were the first to experience the Shock Doctrine.
Many of our “good” Senators just never got much done even the revered Ted Kennedy. The Senate should be neutered like the House of Lords. That would take a constitutional convention though.
We are not going to get a good Treasury secretary. We won’t even get somebody like Paul O’Neill. This bunch is narcissistic and convinced of the rightness of their fundamentalist economic theories. We are so screwed.
While we’re dreaming, though, if we’re putting Dorgan as Treasury Secretary, why not put Dodd in place as head prosecutor for torture and war crimes? After all, his dad was a Nuremburg prosecutor and he has a law degree…
Sometimes I feel like Alice in Wonderland.
“My, people come and go so quickly here.”
Hi ya, Teddy.
And, who is the Red Queen in this scenario?
I think Dorgan would be an excellent choice for the post IF, and only if, he’s actually going to have the authority, the backing, and the will to actually act as an effective Treasury head and work in the interest of the entity that owns the Treasury, the American people.
If he gets in and does nothing, it’s pointless.
If he gets in and Obama doesn’t allow him to act with authority, it’s pointless.
If he gets in and every Senator and Congressman legislates over his head on matters the Treasury should have jurisdiction over, it’s pointless.
While I’m fond of Senator Dorgan for some of his efforts in past, simply putting in a new name will not fix the core colludive culture problem going on at Treasury.
Support principles over people!
Dorgan would be our choice Summers and Orszag both have problems so who would the Villagers want as their third pick if we can guess that we can research him ahead of time and maybe tank his nomination.
I’m guessing anyone the villagers want has skeletons at some bank or another we can find. And with all the bankers who were let go in the banking crisis I’m sure we can find someone willing to talk.
Someone who took work from the office home to finish and still has back up records.
Yup, We keep acting like we haven’t been thrown, bleeding, into shark infested waters without a floatation device.
It’s way past time for national strikes, tax revolts, marches, sit-ins, etc.
Sometimes i think we don’t do it because we know in our hearts it might not work.
After one year into the Obama era, it is time to rearrange some of the key players, based on their actual performances and the recognition of the changed needs of the country.
I suggest that Obama remove Geithner as Treasury Secretary and nominate Elizabeth Warren, the chair of the TARP Oversight Committee, to be the next Treasury Secretary. She is one of the few people in government or in finance who has been speaking honestly and understandably about the causes of and necessary steps for correction of the recent economic disaster. Senator Dorgan can replace her once his term ends (he does not appear to be interested in resigning prior to November) and may actually get the cooperation from government and financiers that has been plaguing Warren’s committee. Tim Geithner can get an early start on his 2009 tax returns and then tutor the Obama girls in math and economics.
I Like it! but… thats why it will never happen. Obama is utterly and completely captured by the zionist mafia… Today he just gave them exactly what they asked for christmas day with their blatantly false flag “terrorist” attack… back-scatter x-ray machines (which were ordered long ago I might add). This country and its “leadership” are disgusting criminal thugs all of them and thats why decent people like Byron Dorgan want nothing to do with them.
The system fails wether its an economic system or a war Fascist Dictatorships have no checks and balances plus they need an enemy to justify taking away people’s freedom.
America is an entertainment economy no freedom we lose a big chunk of our economy. In a sense I don’t think you fight fascists you leave and let the country sink under its own weight.
Good idea Teddy!
Well that would be cool too.
You make an excellent point: if we are going full-bore against Geithner, we must know exactly who we want instead. Same with Bernanke.
Obama doesn’t give a flaming flying fuck in a rolling doughnut what the American people believe between elections. He sold them a pack of lies in ’08, he assumes he’ll be able to do it again.
But, wouldn’t it be sweet if it did…? ;-)
He should not assume anything at this point. Even uninformed people catch on after repeated “Whoops.”
The only Rep. that is intelligent enough to educate the public as to how the Federal Reserve Banking system works is RON PAUL. Please, please read his new book called “End the FED”. It has been on the NY Times best sellers book list for weeks. You may think you know how the banking system work, but you really don’t until you read Ron’s book.
Dr. RON PAUL would serve our nation well as Treasury Secretary.
Obama was the beneficiary of a “diebold” bounce which made his candidacy viable in the first place. Don’t assume your vote means a damn thing because until all states have a mandatory paper trail audit it doesn’t! The mafia has been planning out this “chess game” fascist take-over of America for much longer than you’ve even been alive,
We’re waiting for the overture from the Ron Paul camp: give Progressives an offer we can’t refuse.
I love it. He’d be easily confirmed too, unlike most candidates.
The mafia? which one? My vote means something to me and I will keep doing it.
You know that is an excellent point, which somehow I always remember at work, but forget to bring over to political life.
I regularly tell my employees when we’re working on goals a speech like this:
Success is tricky. What will happen when we meet this goal? We are actually “trading up” for a higher class problem than the one we had before. So let’s figure out the next problem that we’ll actually have, and make sure that we don’t use a tactic to make THAT problem worse, at the expense of solving our current problem. But don’t forget, we’re going to have a next level issue, and be glad about that!
Since the 1920′s there has been only one mafia in this country. Do your HOMEWORK! (or remain ignorant)
You’re right.
Different day, different conspiracy theory. Anyway, everybody knows only Republicans steal close elections. :-)
I hear ignorance is bliss, how does full of crap feel?
I would not know but you obviously do. tell us “rat food”
Didn’t know what this meant and just looked.
Who’d guess that Orzag is such a playa? I guess when you’re a movie star too, you can get all the action you want:
http://www.eddiedeezen.com/
Don’t get me wrong, Dorgan is a vast improvement over Geithner, but:
Dorgan’s haul from Wall Street:
Lawyers/Law Firms $877,158
Lobbyists $636,923
Insurance $455,551
Electric Utilities $426,207
Securities & Investment $423,003
You know, just to put his “man of the people” persona in perspective.
Or “cram down“?
That’s from an article Jane wrote last year, BTW. It’s entitled “Byron Dorgan’s Wife Lobbied Against Cramdown”.
Probably not the best endorsement.
Dorgan’s been no friend of the financial industry’s victims. I’m not enthusiastic about his being SecTreas. Dodd would be a better choice, I think, or certainly no worse.
“Lawyers and law firms” are not all on Wall Street.
But I understand your point.
He warned against the Savings & Loan crisis long before anyone else and tried to remove the tax favored status for junk bonds in the 1980s.
And warned against derivatives in 1994. He really is one of the good guys on this.
Come on, what percentage of those lawyers and law firms do you suppose are hired by the banks and Fortune 500 corporations on Wall Street?
Oh, they’re on Wall Street all right.
The plaintiff’s bar — personal injury attorneys like John Edwards — have for a very long time been incredibly supportive of Democratic politicians. They would fall in this category.
Dodd would engender incredibly divisive confirmation hearings, despite the Senate’s usually congenial confirmation of their own. The racists and teabaggers would go all Fannie/Freddie/Countrywide on Dodd’s ass, and in an election year the GOP would have to be responsive to them.
He’d serve rich white males real well, the others, not so much . . .
Why do we have to keep repeating this Ron Paul Myth, night after night?
How about we let him run the Fed instead of allowing Bernanke to be reconfirmed.
Mafia? This ain’t the corporate overlords, the 1% rich, the old rich, it’s the fuckin mafia and their useless new money and the little 3% of power they represent in the USA?
Yer killin me. Or yer baitin us. Either way, that’s not accurate.
I’m surprised that you didn’t lead with today’s news on Geithner. According to the AP today,
This was one of the leads on The Ed Show, and Ed is openly predicting that Geithner can’t survive this. Hence, speculation on who might replace him is very timely.
I think either Dodd or Dorgan would be a very interesting choice. Both should get easy confirmation in the Senate, due to collegiality.
But I agree with the commentor who suggested Elizabeth Warren as the best choice. It’ll never happen, though.
Bob in AZ
I’ve had two bosses like you in my life.
One was an Italian, Lorenzo Armano, a Swiss Cordon Bleu Certified Hotelier with 30 years experience in Europe and US. I worked for him twice, for short periods. Best. Evah.
The other was a Cubano/Irishman/USMC/Two Tours Of Nam with an MBA. Worked for or with him for 5 years in Spanish Radio. Best Evah. We’d spend time sharing info, planning what was the WORST that could happen, and then move forward armed with that info . . . and the worst was often what our own corporation might do or react to as we went on our merry way trying to make silk out of a sows ear of two shit stations in Sacto (shit in terms of transmitter strength and talent and programming on air).
I’d work for you, I think, gladly. Need help in Sacto? *G* I could use a job if ya know anyone . . . ;-)
Heh, way to attribute your rant hoss . . . yer still killin me.
Are those numbers lifetime or for a period of time recently?
And lobbyists, for WHOM, what lobbies?
And where’d you GET them numbers?
Normally we in here source our facts, but fly loose with our opinions and state it as such . . .
sounds like a great guy on economic and wall street issues. With such great senators as him, Feingold, Sanders and Cantwell, how did we lose the health battle (so far)? It would be great if he were tapped for Treasury, but I am not too optimistic knowing the Obama admin.
Thanks Bob, I was WONDERING what Geithner’s title at the time actually was, and where he was located.
This puts him in the middle of the storm, does it not?
And to close, Dorgan for Treasury?
I want Dorgan to finish enabling drug reimportation, and I don’t want him distracted from that in any way, shape or form. Drug reimport is one of the means of breaking the hold PhARMA has on us all . . . fix drug reimport, and it’s a good swipe at moving onto beating down Evergreening, and all generic development impediments after 7 years (I’d like to see it set to 3 years, but I want that pony, too).
Liz Warren for Treasury, or Fed . . . not Dorgan, not Dodd.
If we’re wishing n hopin like Dusty Springfield here, let’s not waste our thoughts, let’s dream big.
Warren, is big.
But as others have said, Dorgan, Dodd and Warren alike are not happening.
What IS happening is there’s increasing pressure on Rahmmy, Geithner, and more from the recent revelations of Freddie/Fannie Mac and now the emails per Issa . . . those are good irons in a fire, and should be stoked hard and hot and fast and furious (aside from healthcare that’s still not done) in order to pressure our politico’s on both sides of the aisles and in the WH.
And pressure on those two will indirectly impact HCR . . .
That’s MY humble opinion on where to focus and organize, NOW, and fast, and hard. WHILE health care reform is still somewhat up for grabs to any extent . . .
Cynthia led with this story in a post that was front-paged immediately prior to my own.
I don’t wish to argue with You.
The guy fighting one little fight does not make a great Senator.
If You look back over His whole voting record You will find He went along with much of what has caused the Countries problems.
There are no good ones, and till we all relize this fact we are doomed to much of the same.
So you are calling RON PAUL a racist. You believe “he’d serve white males real well, the others, not so well”, if he was Treasury Secretary. Sounds like your are the racist and you have issues with males.
True. But I suspect that corporate lawyers and law firms are quite active in pumping money to Washington. After all, laws relating to crony capitalism are of fundamental importance to Wall Street. Indeed, making flagrant conflicts of interest perfectly legal is vital if legislators in Congress and regulators in the Exectutive Branch are going to take tens of millions of dollars from the very same corporations they are unleashing legislatively and hardly regulating at all bureaucratically.
My point as always is to suggest the ruling class in America is neither Democratic or Republican. Wall Street embraces both parties equally. As does Bilderberg, CFR and TC.
Laure,
I thought you were abandoning me, here. You know, after I asked you on another post to walk the talk by pointing out what you have personally risked and sacrificed in Standing Up To Evil?
As for the numbers above, you can go to the website OpenSecrets.org. Click on Politicians and Elections, then Congress, then type in Dorgan’s name in the member slot.
Let me ask you this: Do you think America has a ruling class? Do you think Wall Street is far more partial to Republicans? Are you familiar with Bilderberg and the Council on Foreign Relations? Where do you situate the DLC Democrats in the mechanisms that comprise crony capitalism in Washington?
Let’s discuss and debate America’s “political economy”. I suspect you suspect me of being one of those “Illuminati” wacko conspiracy theorists. Well, I can assure you, I’m not.
Politically, I am a moderate and a pragmatist.
lol, not going to happen in a million years. obama knew well before hand that timmy had a hand in AIG but yet he still appointed him.
Yeah, I’m callin Ron Paul a racist, and a misogynist.
And now I’m callin you the same, as you tried to spin my shit against me . . .
Which means, you got nothing.
Yer a troll, I will scroll, have fun being torn up by the rest of the crowd in this place.
They eat better than you for a midnight snack.
George, I suspect you of just wanting to garner attention and then go on and on and on on all sides of any issue just to be kept engaged and acknowledged.
That’s what I really think of you.
Me, I’m all for conspiracy theory. Always question, always.
So you mistake me, and my points of questions.
Are those numbers lifetime or for a period of time recently?
And lobbyists, for WHOM, what lobbies?
You say it, you PROVE it . . . you don’t even give me a clicky link to the source of the places you claim you got them from . . .
SCROLL
The guy wears an obvious hairpiece for Chris’sake. How can you take someone like this seriously, let alone look at him on talk shows all the time ?
I don’t think it correct to judge someone just because they yhink they look better with a wig.
Warren would be a fine choice; one of the few public servants who I actually trust. Plus she has demonstrated she gets what the hell is happening — and has happened — to the middle class in this country.
No, Volcker will get another spin. You watch. They know they need to raise rates (there’s your “double dip” for you). He’s the only one who would do it, at least as far as establishment types go.
I’ll put it this way – Dorgan couldn’t be worse than Geithner, and he wouldn’t be a catspaw for the Fed, so it couldn’t hurt.
max
['I'd pee on a sparkplug if I thought it would help.']
Yes. See FDL’s News Desk which I didn’t know about when I wrote my comment. Perhaps Teddy took that diary as given when he wrote this diary.
But I see he (@ 61) was actually referring to Cynthia Kouril’s Front Pager.
Bob in AZ
Dorgan that one of those Senators that told you he would watch out for you the little people.REMEMBER HEALTH CARE?no wonder there laughing at us.
Well, that’s not what I think of myself, admittedly. But I lack your distance and detachment. Your, uh, objectivity? ; o )
The numbers reflect his “career”.
Sorry, I don’t do links. I’m technologically challenged, as it were.
But all you need do is google OpenSecrets.org. Takes a few of seconds.
Prove what? What do I need to prove? I connect the dots that I broach. Let’s do that together re America’s ruling class. Let’s discuss and debate it. Will you or won’t you?
Instead, I suspect you are looking for intentions. Well, that is often very hard to prove, of course. So, I extrapolate empirically based on all the info I can garner. No more or no less than the rest of us.
Thanks. I need to visit the Front Page more often.
Bob in AZ
I do agree with you! Here, here!!
Dorgan was one of only eight senators that voted against The Gramm-Leach-Bliley Act of 1999, which un-did Glass-Steagall and allowed the merger of commercial and investment banks, one of the prime causes of the meltdown and deep recession that we are in now.
Do a bit of research before you make blanket statements please! (Did you read the post, even?)
Sorry to read about his vote against ”cramdown” – but he’d be a better choice than Dodd, because reinstating Glass-Steagall is so vital.
Appointing Dornan would be like George Bush appointing Ralph Nader to overhaul healthcare. More likely candidates for Obama would be Senator Boenher or Senator Ghastley. Progressives should get over trying to make this President a progressive. He’s not, and he’s proud of that fact. He enjoys pointing out that he never made any promises to the progressive wing of the Democratic party. Let’s get over it, abandon Obama and his failing presidency, and work toward taking over the party much as the radical religious right took over the Republican party. Compromise has only meant capitulation for the left.
Excuse the typo: Dorgan, not Dornan.
When “Ed” asked him if he would take that job. He basically said yes. If Obama wants to insert some confidence in the Treasury and straighten out the hanky panky put Dorgan in. Rahm, Geithner will scream
well, with one glaring exception
just keeping it real. have never seen a satisfactory explanation for this vote
crikey! I see Cujo linked it upthread
anyone ever heard him ‘splain this ?
Dorgan will not run in 2010
Ed’s interview with Dorgan. Comes right out and asks Dorgan if he would take a Treasury job in the Obama administration. Dorgan basically says yes
http://www.msnbc.msn.com/id/30031533/
Dorgan “what did they do with our money?”
Ed “would you consider a seat on the cabinet if it were offered to you”
Dorgan “of course I would consider that”
Chris Dodd as a potential candidate to replace Tim Geithner?
Only if the goal is to replace one crook with yet an even bigger crook.