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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWall Street deregulation pushed by Clinton advisers, documents reveal
Last edited Sun Apr 20, 2014, 01:30 PM - Edit history (1)
The previously restricted papers reveal two separate attempts, in 1995 and 1997, to hurry Clinton into supporting a repeal of the Depression-era Glass Steagall Act and allow investment banks, insurers and retail banks to merge.
A Financial Services Modernization Act was passed by Congress in 1999, giving retrospective clearance to the 1998 merger of Citigroup and Travelers Group and unleashing a wave of Wall Street consolidation that was later blamed for forcing taxpayers to spend billions bailing out the enlarged banks after the sub-prime mortgage crisis.
The White House papers show only limited discussion of the risks of such deregulation, but include a private note which reveals that details of a deal with Citigroup to clear its merger in advance of the legislation were deleted from official documents, for fear of it leaking out.
Please eat this paper after you have read this, jokes the hand-written 1998 note addressed to Gene Sperling, then director of Clinton's National Economic Council.
http://www.theguardian.com/world/2014/apr/19/wall-street-deregulation-clinton-advisers-obama
I am saddened by the fact that it was a Democratic president that essentially gave way to the ravages of the financial industry to rape and pillage the world today. And ex-President Clinton with all his acumen and political wizardry, is a major disappointment in this regard.
More also the fact that Podesta is still in the government in the Obama administration again. I wonder what other turd he will leave the country/world with by the end of the administration
antigop
(12,778 posts)DURHAM D
(32,603 posts)The repeal passed the Senate 908 and the House 36257.
sabrina 1
(62,325 posts)point. And we've had years to try to restore at least the equivalent of Glass Steagal. A great time would have been Jan. 2009 after the disastrous results of all that deregulation were fully exposed.
sulphurdunn
(6,891 posts)this country would never hear of such a thing.
Octafish
(55,745 posts)After personally shepherding the bank deregulation legislation, the dishonorable Phil Gramm provided the Washington-Wall Street Axis of Evil with his own Swiss bank and disappeared a lot of loot in '08.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4055207
Guess who got to pay the bill?
AgingAmerican
(12,958 posts)Was rendered toothless before Clinton took office by the Depository Institutions Deregulation and Monetary Control Act of 1980.
KoKo
(84,711 posts)And, that both Dems and Republicans voted for it can't be denied. Just saying.
AgingAmerican
(12,958 posts)You are correct, they are all to blame.
joshcryer
(62,265 posts)Carter himself was for getting rid of Regulation Q because they thought it hampered minorities ability to work with the market place (that it was the reason rates were cyclical).
Ironically, perhaps, the Democrats were thinking they were getting a two-fer. Get rid of redlining practices, and get minorities in houses.
Of course, the Republicans saw the opportunity and used it to kill Fannie Mae and Freddie Mac. While lining their pockets no less.
Jack for Sanders
(46 posts)Lance was a crook and Carter's pal and budget director.
That little bit of deregulation led to the collapse of about 3500 S&L's in the mid 80's.
Fortunately the collapse happened during Reagan's term so we can blame him for that too.
joshcryer
(62,265 posts)It is true the banking industry has been chopping away at the regulations for decades, though. Dodd-Frank actually brought back Regulation Q (now called Regulation D).
99Forever
(14,524 posts)This is but one reason among many that no one from that family should ever be nominated as a Democrat to any office, ever again.
lonestarnot
(77,097 posts)sabrina 1
(62,325 posts)Dragonfli
(10,622 posts)To be completely fair however she has shown the same proclivities, is also DLC, and has proven that she is of the same mind and may be even more extreme than Bill regarding right wing economic policies and so should definitely never be nominated as a Democrat to any office on her own merits (or lack thereof).
sulphurdunn
(6,891 posts)the presidential candidate of the Democratic Party in 2016. That was decided way back in 2008.
Enthusiast
(50,983 posts)No more Bush and no more Clinton presidents.
mike_c
(36,266 posts)eom
1000words
(7,051 posts)Go team!
Vincardog
(20,234 posts)Go Team!!
cantbeserious
(13,039 posts)eom
WhiteTara
(29,692 posts)who pushed Jim Wright out who was trying to protect the country. It was really a bogus charge, but as a Democrat, he was pushed out. Clinton did nothing, he was fighting impeachment.
Agony
(2,605 posts)after just so much of this, being socially liberal no longer counterbalances being on the wrong side of the root cause of economic injustice/fairness/parity/equality or whatever you want to call it.
Careful, I mustn't ask too much of my Democratic representatives lest I become a purity pony seeker.
Yo_Mama_Been_Loggin
(107,693 posts)Where the administration was arguing for the repeal of Glass-Steagle.
Ichingcarpenter
(36,988 posts)Look it up he had tons of toons on it and the dangers it brought to America.
Populist_Prole
(5,364 posts)Tom really roasted Clinton but good. Not only on his almost pathalogical enthusiasm for trade agreements, but his sneering condescention to those that complained as well. I didn't realize it then, but Bill Clinton was definitely the first 'Third Way' president.
geretogo
(1,281 posts)between the Democratic and Republican parties . It's looking more and more
like he was right .
Scuba
(53,475 posts)Otelo
(62 posts)From the article.
Octafish
(55,745 posts)mylye2222
(2,992 posts)ONE of the reason I dont want Hillary as candidate and next POTUS.
antigop
(12,778 posts)el_bryanto
(11,804 posts)This has been well known for years and most books on the housing meltdown underline that there were rules proposed that would have stemmed the damage, but they were shot down (even a discussion of the rules was shot down) by Clinton appointees.
Bryant
woo me with science
(32,139 posts)This is the cancer of corporate-purchased elections and politicians. Clinton also gave us NAFTA.
And then they gave us an Obama corporate Trojan horse: austerity, TPP, corporate education, banker protection.
And come 2016 they want to feed us yet another Third Way traitor.
No. More. Corporatists. And. Warmongers. Period.
The country cannot survive it...if the country is even salvageable at this point.
It's time to stop pretending that these people are just another flavor of Democrat and that this is just politics as usual. The Constitution is being dismantled. We are now a surveillance state. Protest and whistleblowing are being criminalized. Journalism is being replaced by a propaganda machine. Our country is being sold to the highest bidder, and millions are being driven into poverty and despair. The wealth of billionires has been doubled since 2009 through policy.
And now this administration is handing control of the internet, control of information and communication, to corporations.
We can't afford Third Way and Republican rule anymore. We will not survive it.