Czernobog
Gold Member
Well...I understand that this was a wholly Republican crafted piece of legislation. However, as Ike said, "The buck stops here". Clinton was the one that got to choose which battles were worth fighting, and he chose not to fight this one. This is one of the few things about Clinton's presidency that I was less than pleased with him about.Which is incredibly naive.Glass-Steagall belongs in the same category as blaming everything on BOOOSSSSH and the Koch Brothers.
What?!?! did you even read my post?!?! Not once did I mention Bush, the Koch Brothers, or even suggest that Republicans were to blame for the loosening of regulations! I put the blame squarely where it belonged - on a Democrat.
Who wrote the legislation? Who pushed for the legislation to be passed? Phil Gramm.
Now, when was this presented to President Clinton? The day before everyone was leaving for the Christmas holiday, right on the heels of the Republican impeachment of the president. At the point when he was politically weak, and understandably distracted.
Did Clinton do due diligence in understanding these complex mechanical transactions? No. But he relied on a Wall Street lifer, Rubin, for sound advice, and Rubin is more loyal to Wall Street and his personal wealth than to Clinton or the United States.
I'm not excusing Clinton. But I understand his fuckup in signing it.
But don't even try to blame this on him - Gramm certainly knew what this was all about, and he and wife Wendy are deep into these cabals who wanted Credit Default Swaps.
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