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View Diary: Bill Clinton: I Shouldn't Have Listened to Summers and Rubin [Substantive Update] (341 comments)

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  •  Geithner and Summers were told to start (8+ / 0-)

    working with Volcker and come up with new plan as Obama's view shifted last October (per reports in WSJ, WaPo NYTimes). They didn't seem enthusiastic and despite many meetings the "Volcker rules" didn't get their agreement until after a long Christmas Eve meeting.

    Even then reports have Geithner telling banks not to worry, he knew a way around it for them. "Reports say" and you never know what that means.
    But Geither and Summers wouldn't have been telling Obama "that derivatives have no risk and the crash was just a fluke". They just were pushing for another way to avoid the problem, things like requiring more capitol.

    When Obama picked Geithner and Summers my hope was they had the attitude that Clinton did, that they had been wrong. Seemed those who had been so involved in the system that went wrong and learned from it could be real powerhouses in fixing it.  That dream died.

    •  Yes, and to prevent future calamities they need (2+ / 0-)
      Recommended by:
      CharlieHipHop, Badabing

      quit pussyfooting around and reimpose Glass-Stegal, break up the big moneycenter banks and restore community banking. But i'm not holding my breath, because the "too big to fail" have too many lobbyists.

    •  No, it wasn't that... (3+ / 0-)
      Recommended by:
      blueoasis, CharlieHipHop, Duccio

      That dream died.

      It was 'America' that died, America has paid the cost of our entirely morally bankrupt corrupt government and financial sector.

      It is going to take 10-20 years for our nation to get out of this mess, if we ever do, and meanwhile, 'where are the jobs'?  We are being told, 'they are not coming back' and they are not coming back as a direct result of this financial meltdown the 'corporate take over' that has 'refused' to help rebuild our manufacturing base with green jobs...instead our jobs are still being sent overseas...you do remember President Bill Clinton signing on to NAFTA, and President/Candidate Obama running on 're-negotiating' NAFTA?  When are our own Presidents going to start demanding jobs for Main Street again?

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Sun Apr 18, 2010 at 05:44:12 PM PDT

      [ Parent ]

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