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Sounds incredible, doesn't it?  One guy?

Bill Clinton was arguably the major force behind the repeal of Glass-Steagall, now allowing commercial banks to package and sell mortages to the big investment banks.  So commercial banks were no longer responsible for their mortgages. So they would loan without credit checks because they could get rid of the bad loans this caused.

Thus, indirectly, Bill Clinton created Lloyd Blankfein, as Goldman-Sachs and others bought these mortgages.

The credit ratings agencies found these deals impossible to evaluate so they made up ratings.

In fact, the financial crisis might not have happened at all but for the 1999 repeal of the Glass-Steagall law that separated commercial and investment banking for seven decades. If there is any hope of avoiding another meltdown, it's critical to understand why Glass-Steagall repeal helped to cause the crisis. Without a return to something like Glass-Steagall, another greater catastrophe is just a matter of time.
In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.
Yet another big bank spokesman says that nonbanks such as Lehman and Bear Stearns were more to blame for the crisis. This ignores the fact that nonbanks get their funding from banks in the form of mortgages, repurchase agreements, and lines of credit. Without the big banks providing easy credit on bad collateral like structured products, the nonbanks would not have been able to leverage themselves.
Just sayin'.

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Comment Preferences

  •  Tip Jar (6+ / 0-)

    Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

    by dov12348 on Fri May 09, 2014 at 04:56:41 AM PDT

  •  Simple one-source models of causality (8+ / 0-)

    contribute little to serious discussion of complex issues.

    This much said, Clinton did nothing to prevent the crisis, and did quite a bit to help it along.

    Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

    by corvo on Fri May 09, 2014 at 05:07:33 AM PDT

    •  Go beyond the abstract statement (0+ / 0-)

      you made and let's go to the specifics.

      I could be wrong - show me.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 05:10:11 AM PDT

      [ Parent ]

      •  You are absolutely wrong (11+ / 0-)

        For one thing.  The financial crisis was global.  It was not due to the single repeal of a US law.

        It was a systemic failure and there were many people involved in its failure.

        For two, the things Glass-Steagal prevented were not the actual cause of the crisis.  Even with Glass-Steagal repealed, there were plenty of regulations on the books that could have prevented the crisis if the regulators were acting.

        So much of what you posted is wrong.

        Bill Clinton was arguably the major force behind the repeal of Glass-Steagall, now allowing commercial banks to package and sell mortages to the big investment banks.  So commercial banks were no longer responsible for their mortgages. So they would loan without credit checks because they could get rid of the bad loans this caused......
        A.  Bill Clinton was not the major force behind the repeal, it was the capstone of a deregulation campaign by politicians and economists that was ongoing for two decades.  Yes, Clinton was the guy in charge and didn't veto it, but he was pushing like Phil Gramm was.  He was also advised by Bob Rubin who I would give more blame than Clinton. Clinton was at the end of the line, not the starting line.

        B.Banks had been packaged their mortgages for years before Clinton.  This is simply false.  This started in the 1970's  One of the actual instruments of the crisis, the collateralized debt Obligation was created in the late 80's.  The problem with the crisis was that these packages got worse and worse.

        C.  Commercial banks were not the problem. Virtually all subprime lenders were not commercial banks, they didn't take deposits.  They were mortgage orignators like The Money Store or Countrywide who got their money from Wall Street.  They could take more risk because people on Wall Street were willing to buy their loans with no questions asked. Bill Clinton didn't force anyone on Wall Street to do this.  They did it because for a while it was immensely profitable to do so.

        D.  You finally get to one of the actual causes of the problem when you say The credit ratings agencies found these deals impossible to evaluate so they made up ratings.
        What you are describing is fraud on behalf of the ratings agencies and it has nothing to do with Bill Clinton.  If they found something impossible to evaluate, they should indicate they can't give it a rating.  This has to do with the perverse incentive that the Wall Street banks creating CDOs paid the bills of the ratings agencies and thus had enormous leverage on the agencies.  

        CDO's were a lot easier to rate when they first came out, because there was like three levels of them.  By the time the crisis happened, there were like 16 levels of them with some CDO's not even based on actual mortgages, but made up a pieces of the CDO's.  This was driven by Wall Street "quants" and cheap computing power.

        Again like I said before the packaging of the CDO's got worse, subprime lenders starting create crazy never seen before loans with a lot of risk, Wall Street piled them high and sliced them six ways to Sunday and the ratings agencies said one of these slices was AAA rated or virtually risk-free.  It was this blessing of the ratings agencies that was the biggest factor in the crisis.  There was a mispricing of risk throughout the system.  Because now banks and corporations could take the AAA rated instruments and use them as collateral to borrow even more and they did.  Look up Shadow Banking.    When the crisis happened, it affected companies that weren't involved in mortgages like GE.  This because the markets bought so much AAA paper that now was not worth AAA and then borrowed more on top of it that high risk was now every where in the financial system.

        Read the book All the Devils Are Here.  There was a lot more than one cause or one person who caused this crisis.  Greenspan had way more to do with it than Clinton.  Clinton's blame lies in being persuaded by Greenspan and others.  The decision not to regulate CDOs and other derivatives in the law that replaced Glass Steagal was a much bigger cause of the crisis.  That however, was a separate decision though.  Clinton listened to Greenspans and Rubin here too.  

  •  House Prices Had Blown Past 100 Year Peaks 1-2 Yrs (5+ / 0-)
    Recommended by:
    dov12348, sny, Sylv, Catte Nappe, blueoasis

    before the repeal of Glass-Steagall. The entire so-called boom of the Clinton years had been bubble similar to the 1920's, including high tech bubble, energy bubble, other commodity bubbles.

    The bubbles began to stall out under Clinton for at least one same reason as the roaring 20's: growth was not being shared with the 99%, the 90% at least. After Clinton came the mortgage securitization which revived the real estate bubble that had already been crazy, further worsening and hastening the looming crash

    Glass Steagall was among the many New Deal era safety nets that kept the roaring 90's from collapsing as fast as the roaring 20's did, so its repeal was definitely important in the timing and severity of the eventual 08 crash.

    BUt the Clinton was mostly bubbles and all the real gains going to the 1%. Scientific American's chart of family net worth through the 90's published in 2001 or 2 showed even 9 of the top 10% made no gains, it all literally was confined to the 1%.

    And that was all set up in the Carter, Reagan and Bush years dergulations. Maybe some in Ford & Nixon.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Fri May 09, 2014 at 05:23:33 AM PDT

  •  I routinely post this but to no avail (10+ / 0-)

    1) Repeal of Glass-Steagall was called Gramm-Leach-Biley Act (all three are GOOPERs).

    2) It is not clear if GS even applied to mortgages as banks were issuing MBS as early as the 1970s

    3) The FED ruled that banks could issue securities tied to loans as early 1987

    4) This is like blaming Ike for a drunk driver who kills people on an interstate highway in 2014.

    5) No one ever imagined that one such as Bush Fils would occupy the Oval Office and would allow such a crisis to occur  with no intervention.

    •  On No. 2... (1+ / 0-)
      Recommended by:
      pfiore8

      In 6 years and 100 books and thousands of articles and research all over the world...it's still not clear if GS even applied to mortgages??

      I guess I should read GS and GLB.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 05:36:22 AM PDT

      [ Parent ]

      •  GS mainly dealt with equities (2+ / 0-)
        Recommended by:
        Justanothernyer, Deep Texan

        Banks were prevented from underwriting stock of companies they were lending to.  

        Banks were issuing MBS as early as 1977 or 1978 (BAC had one back then).

        The real problem was the tax code. Bank securities based on MBS had 'double taxation'. Reagan changed the code in 1986 to eliminate that.

        Combine that with the BASEL 2 capital arbitrage and you have the boom in CDOs, etc. Nothing to do with repeal of GS.

        •  Hm. (0+ / 0-)

          I read 40 books on this and nobody even brought up that CDOs somehow boomed before Glass-Steagall.  Have a link or cite?

          Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

          by dov12348 on Fri May 09, 2014 at 06:39:16 AM PDT

          [ Parent ]

        •  I mean before the repeal. (0+ / 0-)

          Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

          by dov12348 on Fri May 09, 2014 at 06:39:45 AM PDT

          [ Parent ]

          •  Not sure what you mean (2+ / 0-)
            Recommended by:
            Deep Texan, Justanothernyer

            CDOs have been around since the 1985. Citibank had a 'AA' mortgage securitization program circa 1986.

            The CDO boom was due to BASEL 2 regulations for bank capital.

            •  I just need evidence for what you are saying. (0+ / 0-)

              A document, an article, a piece of law, etc.

              Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

              by dov12348 on Fri May 09, 2014 at 07:16:24 AM PDT

              [ Parent ]

              •  google (0+ / 0-)

                -You want to change the system, run for office.

                by Deep Texan on Fri May 09, 2014 at 08:04:35 AM PDT

                [ Parent ]

                •  No thanks. (0+ / 0-)

                  I based my opinion on a lot of what I read, posted an article and a brief argument.  He has posted an extrordinary claim; he needs to give me something beyond his words.

                  I will do more research on this though.

                  Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

                  by dov12348 on Fri May 09, 2014 at 08:54:05 AM PDT

                  [ Parent ]

                  •  His claim is not remotely extraordinary (2+ / 0-)
                    Recommended by:
                    barry s, Deep Texan

                    Private MBS Issues 1985-1987

                    The above links to a table showing MBS issuance by Citi and others in the mid-1980s.  

                  •  Is your source of info Rush & Fox (1+ / 0-)
                    Recommended by:
                    Deep Texan

                    A simple Google search would have revealed:

                    Dall, one of the few master-traders of Ginnie Mae MBS securities in the early 1970s, created the first private issue of mortgage securities (working with fellow trader of Ginnie Mae securities Stephen Joseph) for Bank of America in 1977, almost a year before Ranieri was even in the picture. The deal was for US$100m.

                    Link

                    Banks had the ability to issue MBS since 1977 but didn't mainly for tax reasons. Once those tax reasons went away in 1980s, they started issuing them.  BASEL  made it much more easier.

                    I know, I know, the GOOPERs will blame Jimmy Carter for the mess in 2008.

                    •  Yes. (0+ / 0-)

                      Rush, Fox, Redstate, Alan Greenspan, Pat Robertson and the National Review.  Why?

                      I'll look into your materials.

                      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

                      by dov12348 on Fri May 09, 2014 at 01:47:50 PM PDT

                      [ Parent ]

                      •  Facts are not their forte (0+ / 0-)

                        Bush Fils destroyed the US economy enabled by GOOPER House and Senate.

                        Your news sources won't mention that.

                      •  If you are truly openminded about this (1+ / 0-)
                        Recommended by:
                        Justanothernyer

                        it will make you question your information sources.  Because your understanding how the financial crisis happened is nearly 180 degrees from the facts.

                        Greenspan is one of people at the very top of the list with responsibility for this crisis.  He was a regulator at the time of subprime madness and the housing bubble and he could have acted against both.  His memoir doesn't mention subprime mortgages or predatory lending.

                        The Fed had enormous power with which to shoot at the bubble. First, Greenspan and Bernanke could have used the resources of the Fed to document the evidence for the existence of the bubble and highlight the consequences of its bursting. ....

                        The second step involves the Fed's regulatory power. The deterioration of lending standards and outright fraud in issuing mortgages that is documented in the FCIC report was knowable to regulators at the time. (I knew about it because people from around the country were telling me about abuses by their friends/relatives in the mortgage industry. And, I have no regulatory authority.) The Fed could have used its regulatory authority to crack down on the banks that were issuing fraudulent mortgages and to prod the SEC to go after the investment banks that were securitizing them.

                        Finally, if steps one and two did not work, the Fed could have raised interest rates.

                  •  you're showing your true colors here (0+ / 0-)

                    facts shmacts, i got my ideological answer and i am sticking to it.

                    -You want to change the system, run for office.

                    by Deep Texan on Fri May 09, 2014 at 11:29:18 AM PDT

                    [ Parent ]

      •  Glass-Steagal... (2+ / 0-)
        Recommended by:
        Deep Texan, Justanothernyer

        ...decides who can create mortgage-backed securities.

        The problem was not that these things were created. They would have been created anyhow. The problem was that commercial banks bought them and over-paid for them.

    •  I deliberately left analysis of those Acts (1+ / 0-)
      Recommended by:
      pfiore8

      ...out of my diary as I thought there was universal agreement on their purposes.  So I started from that premise.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 05:42:38 AM PDT

      [ Parent ]

    •  Glass-Steagall had been rendered obsolete (3+ / 0-)

      In addition to point 2, that Glass-Steagall did nothing to prevent the sale of MBS (nor was it intended to), the following are also relevant.

      (1)  Glass-Steagall did nothing to prevent poor underwriting standards with regard to mortgage issuance.  Nor the ownership by banks of MBS.  (To some,extent Glass-Steagall actually encourages this, by keeping traditional banks out of I-banking.)

      (2) The financial system has changed so that capital markets have become a major source of financing.  Thus, the financial system was more endangered by the collapse of entities that would have been on the other side of Glass-Steagall such as Lehman, Merrill and AIG.  This was the result of developments such as money market funds, the repo market, and commercial paper.   The separation that Glass-Steagall tried to achieve between the financial markets and the real economy would have been subverted whether Glass-Steagall was in place or not. (This is grossly oversimplified.)

      (3)  In short, the repeal of Glass-Steagall was neither necessary nor sufficient to cause/permit the financial crisis and restoring it about as useful as regulating the number of horses in New York City would be beneficial to the environment. (It might require the breakup of Citigroup, which would be good, but of limited significance.)

  •  Are you coming here to knock down the Clintons? nt (1+ / 0-)
    Recommended by:
    scott5js

    www.tapestryofbronze.com

    by chloris creator on Fri May 09, 2014 at 05:41:34 AM PDT

  •  Oops my bookmarks are screwy this morning (0+ / 0-)

    •  Yes, in fact I bet Red State is wondering (2+ / 0-)
      Recommended by:
      pfiore8, blueoasis

      where I am right now.

      Anyway - excellent commentary - looks like a lot of thought went into your post.

      Are you posting your comment on all the comments critical of Bill Clinton on that recommended diary?  I'm going to check on you.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 06:00:02 AM PDT

      [ Parent ]

  •  I'm rec'ing this because:q (3+ / 0-)
    Recommended by:
    dov12348, Sylv, blueoasis

    1. The argument, while too simply put, is not without some truth

    and

    2. You're going to get an unfair ration of shit for making it.

    I live under the bridge to the 21st Century.

    by Crashing Vor on Fri May 09, 2014 at 06:02:33 AM PDT

    •  Thank you. (1+ / 0-)
      Recommended by:
      Sylv

      Oh, I know it'll attract empty personal attacks.  It already has.  If I was afraid of that I wouldn't have put this up.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 06:29:13 AM PDT

      [ Parent ]

      •  Seems to me that commenters (1+ / 0-)
        Recommended by:
        Deep Texan

        are doing a pretty good job with the facts in damaging your argument. No "empty personal attacks" needed. Of course, your admission that you posted this diary as a personal attack on the Clintons really amounts to an attack on your own credibility. Touché! You stuck yourself in the foot.

        Voting is the means by which the public is distracted from the realities of power and its exercise.

        by Anne Elk on Fri May 09, 2014 at 08:53:57 AM PDT

        [ Parent ]

  •  amazing. truly amazing. (3+ / 0-)
    Recommended by:
    Kingsmeg, spaceshot, blueoasis

    8 years of Bush and he gets blame for everything (as he should, the war criminal that he is).

    8 years of Clinton in which privatization of the military took giant leaps, the Telecom Act was signed to the glory of corporate run media, and NAFTA was completed by the Poppy Bush acolyte (aka Bill Clinton) to begin the true legal process of putting corporate interests above those of sovereign states and citizens. but Clinton isn't responsible for the harm done? in fact, he laid open road for BushCo.

    but hey, what's repealing GS act anyway? the harm was done before and after... yeah right.

    “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” Buckminster Fuller

    by pfiore8 on Fri May 09, 2014 at 06:06:46 AM PDT

    •  and what i find amazing is (1+ / 0-)
      Recommended by:
      dov12348

      the unwillingness to look at Clinton or Obama as simply part of the same club as Reagan and Bush 1 & 2.

      willful ignorance.

      “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” Buckminster Fuller

      by pfiore8 on Fri May 09, 2014 at 06:07:43 AM PDT

      [ Parent ]

    •  Bill Clinton never invaded Iraq and used (2+ / 0-)
      Recommended by:
      Dr Swig Mcjigger, Deep Texan

      the occupation of that country as a jobs program for otherwise unemployable GOOEPRs.

      Bill Clinton (and I think Bush the Father) had some regard for future generations.

      Bush the Fils only cared about his image and nothing else. He wanted to win a war and he would go ahead no matter what the consequences.

    •  Yes, Bush is a war criminal. (0+ / 0-)

      But that's a different diary.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 06:33:29 AM PDT

      [ Parent ]

  •  Greed caused the crisis. (2+ / 0-)
    Recommended by:
    Dr Swig Mcjigger, Deep Texan
  •  Absurd. (1+ / 0-)
    Recommended by:
    Deep Texan

    Clinton was undoubtedly complicit but the repeal of Glass/Steagal had been desired by the big banks for many years. Clinton was a tool.

    "Remember, Republican economic policies quadrupled the debt before I took office and doubled it after I left. We simply can't afford to double-down on trickle-down." Bill Clinton

    by irate on Fri May 09, 2014 at 06:22:09 AM PDT

  •  How much longer can this go on? (0+ / 0-)

    What is satisfaction in eternal bickering?

    You lie!

    No, you lie!

    I am not lying, you are lying!

    It is Clinton's fault.

    No, it is Bush's fault.

    No, no, it is Obama's fault.

    No, no it is God's will.

    Living in the Tower of Babel.

    A nation divided against itself cannot stand.  

    We don't need enemies, we have one another.

    Al Qaeda members must be delighted.  They don't need another terrorist act.  They just sit back and watch us divide and conquer ourselves.  

    Could we get to the part where we stop fighting, come together and find solutions?

    Probably not.

    It is more fun to exchange insults than to do the hard work of finding common ground and fixing our problems.

    Congress is the mirror image of the electorate.

    Watching Congress on CSPAN is like reading these blogs.  Endless debate with no hope of reaching consensus.

    Ok, let the insult exchange resume.

  •  The financial crisis was much like cancer (3+ / 0-)
    Recommended by:
    Sylv, Catte Nappe, Deep Texan

    in that no one thing "causes" it

    to explain . .. (from Wikipedia):

    The multi-mutation theory on cancer was proposed by Nordling in the British Journal of Cancer in 1953. He noted that in industrialized nations the frequency of cancer seems to increase according to the sixth power of age. This correlation could be explained by assuming that the outbreak of cancer requires the accumulations of six consecutive mutations.
    From this perspective, Bill Clinton alone did not CAUSE the financial meltdown, but was definitely one of the six contributing factors . .. .

    (anyone notice how "six" pops up quite often in complex relationships, another example being the Six Degrees of Kevin Bacon . .. ).

    •  Well I can't prove (0+ / 0-)

      ...Kevin Bacon didn't start it.

      Cancer is not a good analogy.  There was one person behingd many bad things that have happened throughout history.

      In any case this is a unique issue.  We should stick with an issue with substantially the same set of facts.  In other words, this issue.

      Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

      by dov12348 on Fri May 09, 2014 at 07:22:06 AM PDT

      [ Parent ]

      •  This may be how the history books are written (2+ / 0-)
        Recommended by:
        Catte Nappe, Deep Texan
        There was one person behingd many bad things that have happened throughout history.
        but in reality, that's rarely the case.

        Especially for the financial crisis of 2007/8.

        Now I can understand an argument that if Bill Clinton hadn't done what he did, the whole thing could have been averted.

        But, and this is a huge caveat, an equally compelling argument could be applied to several other players in the entire clusterfuck.  IOW, is a situation where he was "necessary but not sufficient" for the entire thing to have gone down.

        •  Well, of course not sufficient. (0+ / 0-)

          For example the commercial banks were never forced to take on no-background-check mortages. And before the repeal they wouldn't want to - after all they were responsible for the bad loans.  

          Glass-Steagall repeal - wow - they jumped at the chance to make enormous amounts of money at low or no risk.  Because they now could package up bad loans and sell them off right away as CDOs (name of a security that represents say 1,000 loans) to the investment banks.

          Best Scientist Ever Predicts Bacon Will Be Element 119 On The Periodic Table

          by dov12348 on Fri May 09, 2014 at 07:53:33 AM PDT

          [ Parent ]

          •  clueless (0+ / 0-)
            For example the commercial banks were never forced to take on no-background-check mortages. And before the repeal they wouldn't want to - after all they were responsible for the bad loans.  
            They were not forced to. You are confusing two different things.

            -You want to change the system, run for office.

            by Deep Texan on Fri May 09, 2014 at 11:39:04 AM PDT

            [ Parent ]

    •  power of 3 (0+ / 0-)

      -You want to change the system, run for office.

      by Deep Texan on Fri May 09, 2014 at 08:07:13 AM PDT

      [ Parent ]

  •  Clinton will not be remembered as a great Pres (1+ / 0-)
    Recommended by:
    dov12348

    Or even as above average.  The country continued to drift to the right under him.  Things might have been different if Gore had succeeded him.  I believe the country is turning left now thanks to the re-election of President Obama and more importantly, unrelenting scrutiny of the reasons for the Great Recession and rising inequality (e.g. this diary).  Good work!

    The Stars and Bars and the red swastika banner are both offerings to the same barbaric god.

    by amyzex on Fri May 09, 2014 at 07:30:38 AM PDT

  •  No (0+ / 0-)

    Even though Bill wasn't against the new changes, it was Republican legislation, written by Republicans and passed by Republicans.

    The first vote on the legislation only had 1 Dem voting for it. Republicans were using their majority power to force the bill as they wanted down our throats. The problem was they couldn't get past the veto threat of guess who??  Bill FUCKING Clinton.

    Well they shopped the bill around and eventually got some Dems onboard. They were getting close to a veto proof vote. Dems decided to go along if they could get some changes.

    But the reality is this legislation was going to become law in some fashion, regardless.

    There are many factors that contributed to the Great Recession. This one factor isn't one of the big ones. The biggest factor of all was a housing market that had been going up year over year for over 10 years. Which meant the fancy mortgage instrustments they developed had an ever growing housing market built into the equations.

    Their equations did not account for a serious downturn in house prices. The system they built ate itself until they installed a floor. The system was being abused by the Bush administration and regulations/oversight was relaxed. TO JUICE THE ECONOMY AND HIDE THE LACKLUSTER GROWTH OF THE BUSH YEARS AFTER 9/11.

    -You want to change the system, run for office.

    by Deep Texan on Fri May 09, 2014 at 08:25:01 AM PDT

  •  And here I thought it was private sector business (1+ / 0-)
    Recommended by:
    Deep Texan

    corporations on Wall Street that caused the financial crisis and it was really the federal government. Well, I'll be.

    But wait a minute. Didn't they say they built it with no help from Uncle Sam right here?

    So they built it until it fell apart in catastrophic failure when they completely disowned it and decided that they didn't build it. Uncle Sam built it after all.

    mmmhmm, right.

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