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Blame Washington for Market Plunges?

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    Former senator Byron Dorgan, (D-N.D.), on uncertainty plaguing the markets and economy.

  • Duration 3:37
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And we're talking about our markets been a total -- but is Washington namely look are the lawmakers down their partially to blame for all of this.

Former democratic senator from the -- state of North Dakota Byron Dorgan joins us now.

So -- can blame senator do you think lawmakers deserve for the uncertainty.

It is clearly plaguing businesses and their by the markets right now.

Well I think a fair amount of blame I mean the fact is this is not some mysterious illness for which we don't know the cure.

This fiscal cliff the economic difficulties serve men made.

And adult sitting around a table -- should the should be able to find the solution which in my judgment we just can't allow us to go off of fiscal -- And I think you'd have almost a certain recession if that's case of my hope is a lot of important and serious work will be done between now and then and and they'll be able to solve this issue but the.

Between now and then you already have a company like United Technologies and of course it and Sikorsky makes Blackhawk helicopters planning deeper cuts.

Because of impending military -- defense spending cuts so.

We talk about although get it done by the end of the year but they should have gotten is taking Carol Bob lot longer allowed much longer ago.

That's true but the gridlock and our political system means that we always have these midnight hour.

Difficulties send it I understand that when you have all of this uncertainty investment that should be made isn't made people don't know about the future of their uncertain and so that's great concern to me and let me mention one other thing the larger economic issues that we face.

The remedy for those will not be pain -- And you know everybody wants painless remedies the fact is we we we do have to cut some spending we do have to raise some revenue.

We gotta put the country on a track with some predictability and certainty.

For the future and I hope that that between now on the election had to between now and the election not much is gonna -- -- between now and the end of the year.

We'll find some good solutions -- put the country back on track again.

When the president said that this school is sequester sequestration will not happen and then.

Some people in his campaign said -- should not do you believe that that it's simply will not happen.

I hope it won't happen you know you got three -- -- including provisions here the bush tax cuts will expire if nothing happens.

The payroll tax cuts will expire if nothing happens and sequestration will occur if nothing else happens so.

You have self executing provisions on three very big issues.

That require some intervention in some judgments and decisions by congress and I hope congress Republicans and Democrats can get together.

With the leadership of the president and decide how to put this country back on track -- Think ultimately though it will take a great shock.

To the system.

To set lawmakers straight.

That they might change their behavior and change their ways and I'm talking about a sudden spike in interest rates for any and in -- for any reason is it going to take something dramatic.

Hey I hope not because they you know that this needs to get done but.

The problem is an economy whether it's our economy here -- economy one of the European countries in this circumstance with the electronic -- majoring currency values and so on.

You're okay until you're not and when -- not you are in big trouble.

The congress and the president need to move it to avoid the fiscal cliff and then have a longer term strategy that really addresses the problems in this economy.

Senators good to talk to you make so much sense but.

Unfortunately you're not an office and the senator Byron -- think you could begin yet cattle prod and Cindy backed down you know sitting back on the hill that.

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