By John Amaruso
Former President Bill Clinton is world renowned as a man way ahead of his times, someone who champions great causes and has done much for the world in terms of philanthropy. He is articulate, intelligent and well versed. His public speaking skills and charismatic persona have launched him into the forefront of American politics.
But while Fox News scurried to find some way to knock Clinton off his feet, they overlooked one of the few things Bill Clinton has done that is actually worth some criticism; the repeal of the Glass Steagall Act (A.K.A., Deregulation). The act, passed by Congress in 1933, regulated the financial market in a way that it separated investment firms and banks to prevent another economic collapse like the Great Depression.
President Clinton in 1999, along with Senate and House Republicans, came together to repeal the act. What happened next was almost comical if it weren't tragic. Banks went back to the old practices, selling risky investments and backing them up as securities to make a quick profit at the expense of average Americans.
Now, if Fox News really wanted to criticize Clinton, there's your red meat. Then again, doing that would undermine Fox News's entire agenda. So in this case Fox News, I'd just sit quietly on the sidelines and listen to Bill speak some musical words.
Below is a video detailing the causal relation between the repeal of Glass Steagall and the economic collapse.
Video courtesy of Youtube and Bloomberg
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| Photo courtesy of the DailyKos |
Former President Bill Clinton is world renowned as a man way ahead of his times, someone who champions great causes and has done much for the world in terms of philanthropy. He is articulate, intelligent and well versed. His public speaking skills and charismatic persona have launched him into the forefront of American politics.
But while Fox News scurried to find some way to knock Clinton off his feet, they overlooked one of the few things Bill Clinton has done that is actually worth some criticism; the repeal of the Glass Steagall Act (A.K.A., Deregulation). The act, passed by Congress in 1933, regulated the financial market in a way that it separated investment firms and banks to prevent another economic collapse like the Great Depression.
President Clinton in 1999, along with Senate and House Republicans, came together to repeal the act. What happened next was almost comical if it weren't tragic. Banks went back to the old practices, selling risky investments and backing them up as securities to make a quick profit at the expense of average Americans.
Now, if Fox News really wanted to criticize Clinton, there's your red meat. Then again, doing that would undermine Fox News's entire agenda. So in this case Fox News, I'd just sit quietly on the sidelines and listen to Bill speak some musical words.
Below is a video detailing the causal relation between the repeal of Glass Steagall and the economic collapse.
Video courtesy of Youtube and Bloomberg
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