HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » The Scale of Wall Streetí... » Reply #27

Response to kentuck (Reply #25)

Sat Nov 29, 2014, 04:46 PM

27. Well, Bill Clinton did deregulate the banks, allowing them to become "too big to fail"

as well as allowing them to play ponzi schemes with derivatives & crash the economy, when he repealed Glass Steagall. He wanted to cut Social Security too, but thank god that was squashed.

These are the sad facts~

After taking office, Clinton shelved most of his populist promises. He made Robert Rubin, the Goldman Sachs co-chairman, his economic czar and embraced deficit reduction as the key to wooing Federal Reserve Chairman Alan Greenspan to lower interest rates and fuel growth.

After Republicans took Congress in 1994, Clinton famously declared that ďthe era of big government is over.Ē He championed deregulation, particularly in telecommunications and finance, which culminated in the repeal of the New Dealís Glass-Steagall Act boundaries on banks and the torpedoing of efforts to regulate derivatives.

Clinton did reverse some of President Ronald Reaganís top-end tax breaks, but he also lowered capital-gains taxes, and his reforms encouraged the explosion of stock options for high-level executives. He embraced House Speaker Newt Gingrichís welfare repeal and even flirted with carving private accounts out of Social Security.

Clintonís trade policy was defined by and for multinational corporations and banks. His major trade accords protected the rights of investors but not workers.

http://blogs.reuters.com/great-debate/2013/06/03/democrats-must-overcome-clinton-nostalgia/

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 71 replies Author Time Post
Octafish Nov 2014 OP
NoJusticeNoPeace Nov 2014 #1
Octafish Nov 2014 #6
hifiguy Nov 2014 #14
Octafish Nov 2014 #43
Autumn Nov 2014 #2
Octafish Nov 2014 #7
Autumn Nov 2014 #9
woo me with science Nov 2014 #30
cantbeserious Nov 2014 #3
Jackpine Radical Nov 2014 #4
Octafish Nov 2014 #18
Wella Nov 2014 #40
Octafish Nov 2014 #44
Wella Nov 2014 #45
CrispyQ Nov 2014 #29
Odin2005 Dec 2014 #55
Odin2005 Dec 2014 #54
hifiguy Dec 2014 #59
RiverLover Nov 2014 #5
Autumn Nov 2014 #11
TexasMommaWithAHat Nov 2014 #8
Octafish Nov 2014 #36
Odin2005 Dec 2014 #56
TexasMommaWithAHat Dec 2014 #62
Odin2005 Dec 2014 #63
TexasMommaWithAHat Dec 2014 #64
Odin2005 Dec 2014 #65
TexasMommaWithAHat Dec 2014 #67
Odin2005 Dec 2014 #68
TexasMommaWithAHat Dec 2014 #69
Doctor_J Nov 2014 #10
Octafish Nov 2014 #17
RiverLover Nov 2014 #12
Octafish Nov 2014 #41
hifiguy Nov 2014 #13
Octafish Nov 2014 #46
Odin2005 Dec 2014 #57
MrMickeysMom Nov 2014 #15
Rex Nov 2014 #16
Sparks224 Nov 2014 #19
KoKo Nov 2014 #20
Octafish Nov 2014 #47
KoKo Nov 2014 #51
Odin2005 Dec 2014 #58
hifiguy Dec 2014 #60
Odin2005 Dec 2014 #61
ReRe Nov 2014 #21
Moostache Nov 2014 #22
JEB Nov 2014 #49
City Lights Nov 2014 #23
Overseas Nov 2014 #24
kentuck Nov 2014 #25
LineLineReply Well, Bill Clinton did deregulate the banks, allowing them to become "too big to fail"
RiverLover Nov 2014 #27
nc4bo Nov 2014 #33
JEB Nov 2014 #50
Initech Nov 2014 #26
woo me with science Nov 2014 #28
Wella Nov 2014 #31
Scuba Nov 2014 #32
woo me with science Nov 2014 #35
Sunlei Nov 2014 #34
nationalize the fed Nov 2014 #37
RiverLover Nov 2014 #39
grahamhgreen Nov 2014 #38
JEB Nov 2014 #42
vkkv Nov 2014 #48
librechik Dec 2014 #66
lonestarnot Dec 2014 #52
Odin2005 Dec 2014 #53
adirondacker Dec 2014 #70
bobthedrummer Dec 2014 #71
Please login to view edit histories.