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Subject: Why I hate Bill Clinton

The sight of Bill Clinton back on the White House podium defending tax cuts for the super-rich
was more a sick joke than a serious amplification of economic policy. How desperate is the current
president that he would turn to the great triangulator, who opened the floodgates to banking greed,
for validation of the sorry opportunistic hodgepodge that passes for this administration’s economic policy?
A policy designed and implemented by the same Clinton-era holdovers whose radical deregulation
of the financial industry created this mess in the first place.

These dislocations were authorized when Clinton signed off on the Gramm-Leach-Bliley Act, which
reversed the Glass-Steagall Act’s separation between the high rollers of investment banking and the
properly conservative, insured and regulated activities of commercial banks entrusted with the life
savings of ordinary folks. With a stroke of a pen that he then presented as a gift to Citigroup CEO
Sandy Weill, Clinton opened the door to the too-big-to-fail monstrosities that have caused so much misery.

Back in 1999, even though he had been warned of the coming financial instability, foreshadowed by
the collapse of Long-Term Capital Management, Clinton was giddy in signing the bill:
“Over the past seven years we have tried to modernize the economy,” he enthused. “And today what
we are doing is modernizing the financial services industry, tearing down those antiquated laws and
granting banks significant new authority.”

A year later Clinton signed off on the Commodity Futures Modernization Act, advanced most fiercely
by his treasury secretary, Lawrence Summers, who has been the dominant personality setting economic
policy for Obama. Titles 3 and 4 of that act summarily exempted from the surveillance of any existing
regulatory agency or laws all of the newfangled financial gimmicks—the collateralized debt obligations
and credit default swaps—that have proved so toxic to the jobs and homes of tens of millions of Americans.

I won't even mention Derivatives and Brooksley Born.
You can look that up yourself.

Combine the above and Clinton's sexual encounter with
Monica and you have a man who did more to destroy
our country than Ronnie and the chimp combined.
 Jacob


<>Jacob, I judge you to be 24% sane.
But you did tell the truth - you HATE Bill Clinton.

 


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