Courtesy of Pam Martens.
President Bill Clinton Laughs It Up as He Signs the Repeal of the Glass-Steagall Act, November 12, 1999
Yesterday, the New York Times gave Presidential candidate Hillary Clinton a free infomercial (a/k/a OpEd) to spin her toothless plan “to rein in Wall Street.” Hillary begins by telling us this:
“Seven years ago, the financial crisis sent our economy into a tailspin. Over five million people lost their homes. Nearly nine million lost their jobs. Nearly $13 trillion in household wealth was wiped out.”
But that’s not what her husband, former President Bill Clinton told us was going to happen when he repealed the 66-year old Glass-Steagall Act on November 12, 1999. Here’s what Bill Clinton promised us from this massive deregulation of Wall Street: (See video of his full remarks below.)
President Bill Clinton:
“You heard Senator Gramm characterize this bill as a victory for freedom and free markets. And Congressman LaFalce characterized this bill as a victory for consumer protection. And both of them are right…
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