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View Diary: U.S. Filmmaker Laura Poitras Repeatedly Detained at Border: She Has Filmed Three of My NSA Clients (128 comments)

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  •  No, it wasn't "lead" by the Clinton administration (0+ / 0-)

    It did happen on his watch.

    I remember Clinton saying he regrets that and wasn't aware of how damaging it would be. I believe what  he says because Clinton is enough of a egotist that he regrets anything that gives his presidency a black mark.
    That is certainly small comfort for the damage it did. He also had Greenspan advising him.

    The Financial Crisis Inquiry Report by Public Affairs that was to determine the causes of the financial crisis lays the blame at Greenspan's feet.In '99,when the Commodities Futures Trading Commission wanted to regulate derivatives,Greenspan led the attack against it.He wanted to eliminate the Glass-Steagall restrictions that prevented major banks from engaging in all financial transactions.He refused to regulate the suspicious mortgages being issued by Countrywide and others,even though the Fed had the authority to do so. He was warned many times,even by the FBI,that mortgage brokers were writing deceptive and fraudulent mortgages to unsuspecting home owners.
    Greenspan is a "free-market" economist.

    I realize this doesn't fit the Clinton-bashing narrative but these are the facts.

    I've often puzzled over why Obama appointed Summers as his top financial advisor. It wasn't so that he could screw things up. He might have made Clinton's mistake in trusting someone's recommendation.Presidents aren't usually economists.

    •  Blaming Greenspan (1+ / 0-)
      Recommended by:
      BradyB

      How many votes did he have in the Senate or on the House?  That's right, zero.

      Could he sign bills into law, like the president.  Nope.

      Frankly, corrupt politicians, from both parties, are to blame.  

      •  I am not "blaming" Greespan. The Financial Crisis (0+ / 0-)

        Inquiry Report:Final Report of the National Commission of the Financial and Economic Crisis" as well as "Inside Job" took a good slug at Greenspan. From What I can tell it was well-deserved.

        Greenspan addressed Congress and assured them that derivatives and subprime mortgage securities didn't need any federal regulation "at all". The unregulated derivatives were a principle source of the risk taking behavior that brought down the financial system. I'd say his visit payed off and Congress didn't do anything to stop this risky behavior. I think it is safe to say they were influenced by Greenspan's visit.

        Politicians aren't always corrupt, they're often stupid.Just ask my husband who has to deal with them in regards to tax law.

        They make laws that contradict one another constantly.
        You just have to choose the one you want to benefit your client. This is why tax schemes are successful.They are complicated and they contradict one another.

        There is a reason Elizabeth Warren couldn't get confirmed. She is too smart and would reveal many of the stupid things that Congress does to disadvantage the working poor. I agree about the corruption. I don't know how Obama can stop it. He can't get the people appointed that can do the job.

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