Wall Street deregulation pushed by Clinton advisers, documents reveal
Previously restricted papers reveal attempts to rush president to support act, later blamed for deepening banking crisis
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.
Got bad news for you. 99.9% of Ron Paul's base do not earn enough to pay income taxes. You are going to raise taxes on the people who fund the ridiculous liberty movement. That means less money to buy the junk Politically Incorrect Books, etc.
How is it JW that you make a living hmmm? You spend an awful lot of time here. Do you get paid to make your commentary or are you living off the public dole?
I don't see how you could be productive enough to make a living based on how much time you spend here, unless you are getting paid to comment here.
Wall Street deregulation pushed by Clinton advisers, documents reveal
ReplyDeletePreviously restricted papers reveal attempts to rush president to support act, later blamed for deepening banking crisis
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
Got bad news for you. 99.9% of Ron Paul's base do not earn enough to pay income taxes. You are going to raise taxes on the people who fund the ridiculous liberty movement. That means less money to buy the junk Politically Incorrect Books, etc.
ReplyDeleteOh no Jerry's being at the cooking sherry again.
DeleteHow is it JW that you make a living hmmm? You spend an awful lot of time here. Do you get paid to make your commentary or are you living off the public dole?
DeleteI don't see how you could be productive enough to make a living based on how much time you spend here, unless you are getting paid to comment here.