Watch Bill Clinton Celebrate The Repeal Of Glass Steagal

SUMMERS DANCES LIKE A TRAINED MONKEY

BILL PHIL AND LARRY HAVE A WALL STREET PARTY

Larry Summers, Phil Gramm and Bill Clinton celebrate at the signing of the Gramm-Leach-Bliley Act in 1998, which repealed the Glass-Steagal Act of 1933. This bill led to the creation of mega-banks and financial service firms that quickly became too big to fail, and paved the way for the global financial crisis of 2008.

I set the clip to begin with Phil Gramm's comments. After him, you can skip to 14:00 when Summers introduces Clinton, unless of course you want to watch the monkey.

Wikipedia on Glass-Steagal...

Comments

[DailyBail]

Two Things

1) They sold this fucking thing as a consumer protection bill. In the clip, over and over, speaker after speaker kept talking about the great consumer protections built into the legislation. Well they forgot to include bailout protection for taxpayers. Stupid motherfuckers, every last one of them. Greenspan was in the audience as well, smiling and giving his approval.

2) This was a very controversial bill at the time (you certainly wouldn't know it from the White House ceremony). CNBC talked about it ad nauseum. There were reasonable voices warning of impending doom if the bill passed, but the Clinton camp along with Gramm were owned by Wall Street and the financial services lobbying machine, so in the end, all the warnings were ignored.

Stupid Is As Stupid Does

[Cheyenne]

Clinton, of course, would later run away like a coward from his role in causing the crisis, scapegoating others. The Columbia Journalism Review called him out in no uncertain terms:

Quoting Clinton as he tries to rewrite history in 2013: "The American people gave the Congress to a group of very conservative Republicans. When they passed bills with the veto proof majority with a lot of Democrats voting for it, that I couldn’t stop, all of a sudden we turn out to be maniacal deregulators. I mean, come on."

CJR's comment on Clinton's revisionism: "This is, to be kind, bullshit. Memory is a hazy thing, but I have a hard time believing Clinton doesn’t know full well he’s not telling the truth here (and with his record, he doesn’t get the benefit of the doubt)."

http://www.cjr.org/the_audit/bill_clinton_the_republicans_m.php

[DailyBail]

Good link. Yeah, total nonsense from the Clinton camp Summers and Rubin made this happen, and they silenced Brooksley Born along the way. There is no way on earth Clinton can get out of this.

[Rhondar]

They should all be in prison for this

[George]

Just wait until we all pick up the tab for what is "owed" to the Zio-central banks.Our "leaders" will not allow a default as Ron Paul has supported.