Gandalf: Whoa! Easy there, dude. You’re right, but you’re also not telling the entire story, either.
What about Clinton’s repeal of the Glass-Steagall Act? More importantly, what about the powers behind the throne agitating for that? Namely, Robert Rubin and Alan Greenspan.
This was not an insignificant thing, and it set in motion many of the ills we’re confronting right now, not the least of which was the removal of necessary barriers regarding what commercial banking and investment banking entities could and could not do. Also, look at the impact of the Financial Services Modernization Act (the so-called “Citi-Travelers Act”), which allowed for the formation of Citi by merging Citibank and Travelers Insurance. An institution that became “too large to fail”.
And I don’t think it’s a coincidence that Rubin goes from being Clinton’s Secretary of Treasury to the vice chairmanship at Citigroup.
Sorry, but if you’re going to tell the story, tell the entire story and not in such a way as to just throw the GOP under the bus. Plenty of blame to go around, including the Dems and including a lot of the same players surrounding Obama RIGHT NOW.
