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Sun Apr 20, 2014, 11:21 AM

Wall Street deregulation pushed by Clinton advisers, documents reveal

Last edited Sun Apr 20, 2014, 12:30 PM - Edit history (1)

Wall Street deregulation, blamed for deepening the banking crisis, was aggressively pushed by advisers to Bill Clinton who have also been at the heart of current White House policy-making, according to newly disclosed documents from his presidential library.

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

36 replies, 4825 views

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Reply Wall Street deregulation pushed by Clinton advisers, documents reveal (Original post)
mazzarro Apr 2014 OP
antigop Apr 2014 #1
DURHAM D Apr 2014 #2
sabrina 1 Apr 2014 #9
sulphurdunn Apr 2014 #19
Octafish Apr 2014 #27
AgingAmerican Apr 2014 #3
KoKo Apr 2014 #5
AgingAmerican Apr 2014 #7
joshcryer Apr 2014 #30
Jack for Sanders Apr 2014 #8
joshcryer Apr 2014 #29
99Forever Apr 2014 #4
KoKo Apr 2014 #6
lonestarnot Apr 2014 #10
sabrina 1 Apr 2014 #11
Dragonfli Apr 2014 #13
sulphurdunn Apr 2014 #18
Enthusiast Apr 2014 #32
mike_c Apr 2014 #12
1000words Apr 2014 #14
Vincardog Apr 2014 #17
cantbeserious Apr 2014 #15
WhiteTara Apr 2014 #16
Agony Apr 2014 #20
Yo_Mama_Been_Loggin Apr 2014 #21
Ichingcarpenter Apr 2014 #22
Populist_Prole Apr 2014 #24
geretogo Apr 2014 #23
Scuba Apr 2014 #25
Otelo Apr 2014 #26
Octafish Apr 2014 #28
mylye2222 Apr 2014 #31
antigop Apr 2014 #33
el_bryanto Apr 2014 #34
woo me with science Apr 2014 #35
antigop Apr 2014 #36

Response to mazzarro (Original post)

Sun Apr 20, 2014, 11:29 AM

1. Thanks for nothing, Bill. Commodity Futures Modernization Act /Glass-Steagall repeal. nt

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 11:33 AM

2. Blaming only the White House for this just gets old.

The repeal passed the Senate 90–8 and the House 362–57.

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Response to DURHAM D (Reply #2)

Sun Apr 20, 2014, 11:59 AM

9. Defending it at all is pointless. It was disastrous for the American people which is the main

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.

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Response to sabrina 1 (Reply #9)

Sun Apr 20, 2014, 02:04 PM

19. The people who actually rule

 

this country would never hear of such a thing.

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Response to DURHAM D (Reply #2)

Sun Apr 20, 2014, 08:25 PM

27. Really. Must bring in the Meyer Lansky of the War Party.

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?





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Response to mazzarro (Original post)

Sun Apr 20, 2014, 11:35 AM

3. Glass steagall

 

Was rendered toothless before Clinton took office by the Depository Institutions Deregulation and Monetary Control Act of 1980.

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Response to AgingAmerican (Reply #3)

Sun Apr 20, 2014, 11:41 AM

5. Well...to be crude the Dentures were removed under Clinton.

And, that both Dems and Republicans voted for it can't be denied. Just saying.

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Response to KoKo (Reply #5)

Sun Apr 20, 2014, 11:45 AM

7. The symbolic repeal passed by a veto proof majority

 

You are correct, they are all to blame.

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Response to AgingAmerican (Reply #7)

Sun Apr 20, 2014, 10:53 PM

30. The Democrats repealed it to get anti-redlining laws passed.

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.

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Response to AgingAmerican (Reply #3)

Sun Apr 20, 2014, 11:52 AM

8. Pushed by Bert lance and signed by Jimmy Carter

 

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.

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Response to AgingAmerican (Reply #3)

Sun Apr 20, 2014, 10:48 PM

29. Regulation Q wasn't that big a deal.

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).

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 11:37 AM

4. I doubt this comes as much of a surprise to any thinking person.

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.

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Response to 99Forever (Reply #4)

Sun Apr 20, 2014, 11:42 AM

6. Agree...

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Response to 99Forever (Reply #4)

Sun Apr 20, 2014, 12:00 PM

10. Amen.

 

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Response to 99Forever (Reply #4)

Sun Apr 20, 2014, 12:01 PM

11. So true. n/t

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Response to 99Forever (Reply #4)

Sun Apr 20, 2014, 01:12 PM

13. To be fair they are different people and could have diverse opinions regarding the financial elite

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).

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Response to Dragonfli (Reply #13)

Sun Apr 20, 2014, 02:02 PM

18. She will be

 

the presidential candidate of the Democratic Party in 2016. That was decided way back in 2008.

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Response to 99Forever (Reply #4)

Mon Apr 21, 2014, 05:48 AM

32. +1 an entire shit load.

No more Bush and no more Clinton presidents.

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 12:06 PM

12. two parties, each serving the interests of the 1%....

eom

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Response to mike_c (Reply #12)

Sun Apr 20, 2014, 01:26 PM

14. Good cop/Bad cop

 

Go team!

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Response to 1000words (Reply #14)

Sun Apr 20, 2014, 01:54 PM

17. Bad Cop / Disgusting Perverted Cop

Go Team!!

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 01:28 PM

15. Bill Clinton - One Of Best The Right-Leaning Democratic (Moderate Republican) Presidents In History

eom

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 01:29 PM

16. Larry Summers. Phil Graham

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.

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 02:09 PM

20. With friends like these...

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.

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 02:21 PM

21. There was an article in the WSJ about 1994

Where the administration was arguing for the repeal of Glass-Steagle.

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 02:28 PM

22. Tom Tomorrow was warning of us during that time.

Look it up he had tons of toons on it and the dangers it brought to America.

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Response to Ichingcarpenter (Reply #22)

Sun Apr 20, 2014, 04:32 PM

24. I remember them well

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.

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 04:11 PM

23. I still remember when George Wallace Gov. Alabama said ," there's not a dimes worth of difference

between the Democratic and Republican parties . It's looking more and more
like he was right .

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 07:52 PM

25. This is why I say the two parties are not different enough.

 

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Response to mazzarro (Original post)

Sun Apr 20, 2014, 07:57 PM

26. Obama hired the same advisers

 

From the article.

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Response to Otelo (Reply #26)

Sun Apr 20, 2014, 10:41 PM

28. Larry ''What Does Goldman Think?'' Summers.

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Response to mazzarro (Original post)

Mon Apr 21, 2014, 04:17 AM

31. GREAT EXPOSING TRUTH POST

 

ONE of the reason I dont want Hillary as candidate and next POTUS.

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Response to mazzarro (Original post)

Thu Apr 24, 2014, 02:12 PM

33. thanks for nothing, Bill. nt

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Response to mazzarro (Original post)

Thu Apr 24, 2014, 02:14 PM

34. I'm surprised this is news

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

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Response to mazzarro (Original post)

Thu Apr 24, 2014, 02:27 PM

35. K&R And the dismantling of democracy for plutocracy continues...

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.

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Response to woo me with science (Reply #35)

Fri Apr 25, 2014, 09:15 AM

36. aw, woo, you're just a "hater". nt

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