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Robert Scheer: The Rubin Con Goes On

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:49 AM
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Robert Scheer: The Rubin Con Goes On
from truthdig:




The Rubin Con Goes On

Posted on Aug 10, 2010
By Robert Scheer


The corruptions of journalism were on full display when CNNs Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused. I was trapped on a treadmill in front of an overhead television and unable to turn the thing off in time to avoid this assault on my mental and physical health.

As a result I was forced to hear Rubin, Bill Clintons treasury secretary, insist that he always favored regulating toxic derivatives and is therefore not at all responsible for the ensuing economic meltdown. He was responding to the sole critical question from the CNN host, who quoted a question by New York Times columnist Paul Krugman: Did all the senior members of the economics team have to be protgs of Robert Rubin, the apostle of financial deregulation? Unfortunately, Zakaria just rolled over when his guest simply lied in response:

First of all, I am not the apostle of financial deregulation. Quite the contrary. On derivatives I developed a deep concern about the systemic problem that was created. When I was back at Goldman Sachs, it was a concern I had a concern I had when I was in government. And in fact, when I wrote my book in 2003, I was so concerned about it that I actually included that discussion in there.

Zakaria ended the show recommending it as his book of the week: He wrote a great memoir that covered his two distinguished careers, both on Wall Street and in Washington. It was written with Jacob Weisberg, a great writer, the editor of Slate, and the two men weave a compelling tale that has many lessons for today.

To be charitable, I will assume that Zakaria has not actually read that book, which omits any discussion of the radical deregulation legislation that Rubin ushered through Congress and got the president to sign. Bill Clinton is on record stating that he got bad advice from Rubin and his handpicked successor, Lawrence Summers, on derivatives regulation: On derivatives, yeah, I think they were wrong and I think I was wrong to take it, Clinton told ABC News last April 10. ............(more)

The complete piece is at: http://www.truthdig.com/report/item/the_rubin_con_goes_... /




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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:50 AM
Response to Original message
1. recommend
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Joe Chi Minh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:02 AM
Response to Original message
2. K&R
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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:14 AM
Response to Original message
3. Oh, that darn Scheer is always trying to cloud the issue with facts and stuff like that.
k/r
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bvar22 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:45 AM
Response to Original message
4. Thats one of the problems I have with Obama.
He has surrounded himself with the people who Got It Wrong.

The DLC New Team
Liberal Democrats Need NOT Apply

(Screen Capped from the DLC Website)

Wouldn't it be sensible and pragmatic to pick people who got it right....from the "Professional Left"?

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Hawkowl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:12 PM
Response to Reply #4
6. This is why the Depression will intensify
The establishment caused it with their runaway deregulation and corruption, and they don't believe they have to reverse any of their past policies. Just more of the same.
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:06 PM
Response to Original message
5. There's a fine line between evolved credit extension
and loan sharking. :rofl:
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Tutankhamun Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 01:43 PM
Response to Original message
7. This is a pattern with Fareed Zakaria --
He doesn't acknowledge that any real financial reform is necessary, nor does he lay the blame for past misdeeds where it clearly belongs.
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blue97keet Donating Member (390 posts) Send PM | Profile | Ignore Wed Aug-11-10 02:22 PM
Response to Reply #7
8. He apologizes for "free trade" too.
I guess a 600 trillion dollar derivatives market was necessary for that racket too.
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