Sunday, April 18, 2010

Who The Hell Is Bill Clinton Kidding?

"Clinton Says He Had Bad Advice on Derivatives" - Bloomberg reports that Bill Clinton is placing blame for the derivatives fraud squarely on the shoulders of Robert Rubin and Larry Summers:
"Former President Bill Clinton said he should have pushed for regulation of financial derivatives when he was president, rejecting the advice of top economic advisers Robert Rubin and Larry Summers."
 Here's the link: BILL CLINTON PROUDLY PASSES THE BUCK.

Before we forget history, let's recall the President Bill Clinton signed into the law the legislation that removed Glass-Steagall. This was THE ACT of Government that fostered and allowed the banking system to completely spin out of control with fraud, corruption and grand theft of this country's wealth by a handful of bankers and the politicians they purchased, INCULDING BILL CLINTON.

The collapse of the banking system in September 2008 rests squarely on Clinton's signature in 1999 and his policies with regard to financial regulation.  To be sure, the Bush Administration further enabled the financial devastation created by the Clinton Administration.  And the Obama Administration has pressed the accelerator thru the floorboard.

Currently the Obama Cabinet/Administration has several of the people who worked for Bill Clinton. This includes Larry Summers - Obama's chief economic policy guru; Tim Geithner - serial tax dodger; SEC Chief Mary Shapiro - who was head of the CFTC under Clinton and directly responsible for derailing derivatives legislation; and several of Robert Rubin's "mini-me's" who sit in "counsel" positions inside the Oval Office and under Tim Geithner.

If Clinton is willing to throw his own people under the bus - and many of those people are now Obama's people, what does that say about the policies and character of our current White House?

8 comments:

  1. "SEC Chief Mary Shapiro - who was head of the CFTC under Clinton and directly responsible for derailing derivatives legislation"

    I am really starting to wonder what is the true motivation behind the SEC move on GS and why now.

    ReplyDelete
  2. I wouldn't surmise that it was specifically to get the metals hit hard. BUT I do believe it's a complete political dog and pony show meant to help Obama get the financial reform Bill passed.

    Bloomberg had a story that said Goldman knew about the SEC charges before they were announced.

    ReplyDelete
  3. Who the Hell is Bill Clinton kidding?

    Well, that depends on what the definition of is is.

    But seriously, around these parts, and, I suspect, a few others, the answer is no one.

    ReplyDelete
  4. "what does that say about the policies and character of our current White House?"

    I'll bite. As to the financial situation, it says that they are a bunch of corrupt scumbags. Let's not forget however, that this did not happen overnight. Compared to the previous administration, these guys are pikers. Yes, Obama needs to fire Geithner and Summers, but he's merely continuing the corrupt and scummy procedures honed to perfection under Bush.

    weinerdog43

    ReplyDelete
  5. Agree. A mentioned in my commentary that Obama has taken the hand-off from Bush and is running with the baton.

    ReplyDelete
  6. He didn't get bad advice; he just had his hands full.

    ReplyDelete