FACT-CHECKING: Bill Clinton, the Ultimate Deregulator, Slams Possible GOP Deregulation in Obama Commercial

By David M. Kinchen
Bill Clinton
Bill Clinton

Fixated as I am on the Bill Clinton engineered 1999 repeal of the Depression era Glass-Steagall Act that separated boring banking from casino gambling "investment" banking, I was really shocked to see Bubba cry out against Republican taxation and deregulation in his current TV commercial calling for President Obama's re-election:



Here's a link to my latest -- dating from last May -- column on the subject:



Quoting from that column:


"As I've said before, it's long past time to bring back the 1933 Glass-Steagall legislation that was scrapped in 1999 and 'replaced' with Gramm-Leach-Bliley. I've blogged on this subject so much my fingers are raw! Now comes Bill Clinton's best cabinet member, Robert Reich, who says the same thing: Link:

"Mark that date, 1999. Clinton was the president and, at the urging of Treasury Secretary Robert Rubin -- like virtually all of the recent treasury secretaries, a creature of Wall Street -- Congress scrapped much of Glass-Steagall, which separated commercial and "investment" banking, and replaced it with a pale copy called Gramm-Leach-Bliley. Retained was the Federal Deposit Insurance Corp. (FDIC), which was part of Glass-Steagall."


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I'm going to keep my eyes on both Republican and Democratic TV commercials and fact-check them myself. If I see a Republican candidate saying Social Security is broke, I'll call him or her out; similarly, I'll ask Democrats what's wrong with auditing the Federal Reserve. I've seen left-wing blogs calling for transparency in the Federal Reserve a crackpot, Tea Party concept. These bloggers have forgotten about the highly secret origin of the Federal Reserve in the first place

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