Former President Bill Clinton addresses the Democratic National Convention in Charlotte, N.C.
By Robert Scheer posted Sept 10, 2012 by AP/Charles Dharapak - Truthdig
Bill Clinton bears as much responsibility as any politician for the worst economic crisis since the Great Depression, and the wild applause for his disingenuous speech at the Democratic National Convention last week is a sure sign of the poverty of what passes for progressive politics....
How convenient to ignore the Financial Services Modernization Act, which Clinton signed into law to summarily end the Glass-Steagall barrier against the commingling of investment and commercial banking. Do the Democrats not remember that Citigroup, the first too-big-to-fail bank made legal by the law Clinton signed, became the $15 million employer of Robert Rubin, the Clinton treasury secretary who led the fight for the law that legalized the creation of Citigroup? Or that Citigroup—led by Sanford Weill, to whom Clinton gave one of the souvenir pens he used to approve that onerous legislation—went on to be a major player in the subprime mortgage swindles and had to be bailed out with more than $50 billion of taxpayer funds?
Those scams were based on bundling suspect mortgages into collateralized debt obligations (CDOs)...Romney is an unmitigated liar unrestrained by any moral or logical standard, as demonstrated in his defense of the Bain Capital experience. That part Clinton got right.."
Norton's comment: Political issues are more complex than we wish to remember. Both parties have contributed to precipitating this economic, moral and democratic crisis. Deregulation is NOT the answer or cure whether espoused by either party. This article make it clear we need to research carefully the history of each parties actions before we can surmise a course to voting in November or our role as active citizens in our efforts to assure that we are being represented in the hall of congress and the Executive Branch.
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