Lest we forget who killed Glass-Steagall

Robert Scheer tells it like it was and is:

Bill Clinton bears as much responsibility as any politician for the worst economic crisis since the Great Depression, and the wild applause for his disingenuous speech at the Democratic National Convention last week is a sure sign of the poverty of what passes for progressive politics…

7 thoughts on “Lest we forget who killed Glass-Steagall

  1. As usual, it’s hard to beat Charles Pierce’s phrasing:

    We have two parties in this country right now. One party is a center-right party that believes that it is unseemly to let old people die in the streets. And the other party is insane. In any “conversation,” the first people in the first party say, “Well, okay, then we’ll cut here and here and you, maybe, ask some people to pay a little more.” And then, the other party says: “Roogie-roogie! Gabba-gabba-hey!” and throws its Maypo against the wall. That is the “conversation” in our politics today.

  2. Wasn’t the bill to end the Glass-Steagall act signed because it was veto proof? Clinton veto the bill 2x’s.

  3. good point sara. Moreover I seem to remember one Phil Gramm being the author and major sponsor. Anyhoo, it is easy to call big mistakes long after they have been demonstrated, where was Scheer at the time?

  4. Senator Byron Dorgan was a voice crying in the wilderness when he predicted what would happen with the repeal of Glass-Steagall in 1999:

    “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010.”


  5. Yeah, Clinton signed it under threat of a veto override, which the craven bitches in congress had enough votes to throw down.
    Thank the rethuglicker congress creature for it.

  6. So he should have vetoed it anyhow. I may not be his fault that it passed, but it was is fault to sign it.

  7. Let’s talk about why people who make money from money, people like Mitt Romney, pay a 15% tax rate and people who earn wages, like most of the the other 99% of us, pay a 30% tax rate? Does that seem fair? Let’s talk about the Capital Gains Tax.

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