Oh snap! I think Obama's speech ties our troubled economy to Bill Clinton's policies:

[hedgehog]

There were good arguments for changing the rules of the road in the 1990s. Our economy was undergoing a fundamental shift, carried along by the swift currents of technological change and globalization. For the sake of our common prosperity, we needed to adapt to keep markets competitive and fair.



Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one – aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight. In doing so, we encouraged a winner take all, anything goes environment that helped foster devastating dislocations in our economy.

(Snip)

A decade later, we have deregulated the financial services sector, and we face another crisis. A regulatory structure set up for banks in the 1930s needed to change because the nature of business has changed. But by the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.

http://my.barackobama.com/page/community/post/samgrahamfelsen/gGBNsq



He didn't name names, but we all know who was president in the 90's. FWIW, I agree with Obama.

[DevonRex]

1. He makes great points.

This man is really smart. And FWIW I agree with him, too.

[Spider Jerusalem]

2. Well...

when you have a free-market laissez-faire Ayn Rand cultist like Alan Greenspan praising Bill Clinton's economic policies, and calling him 'one of the best Republican presidents we've had', that should tell you quite a bit about those policies right there.

[hedgehog]

13. Hillary: Greenspan Should Lead Foreclosure Group

WHITE PLAINS, New York -- Former Federal Reserve Chairman Alan Greenspan and other economic experts should determine whether the U.S. government needs to buy up homes to stem the country's housing crisis, Democratic presidential candidate Hillary Clinton will propose on Monday

http://moneynews.newsmax.com/money/archives/articles/2008/3/24/122910.cfm

[melody]

3. Linking our current problems to any great extent to Clinton is ludicrous

It's just wrong. I realize he's trying to be balanced in his assessments, but Clinton's culpability beside
Bush's pales by comparison.

[FrenchieCat]

4. I wonder Why?

Clinton, Republicans agree to deregulation of US financial system
By Martin McLaughlin
1 November 1999

An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.

The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated.

The certain result of repeal of Glass-Steagall will be a wave of mergers surpassing even the colossal combinations of the past several years. The Wall Street Journal wrote, "With the stroke of the president's pen, investment firms like Merrill Lynch & Co. and banks like Bank of America Corp., are expected to be on the prowl for acquisitions." The financial press predicted that the most likely mergers would come from big banks acquiring insurance companies, with John Hancock, Prudential and The Hartford all expected to be targeted.
http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml

[melody]

7. The Republicans were the deregulators

If Clinton hadn't gone along with the thugs that were then running our government, we wouldn't have had the relative oasis of the Clinton years. He went along to get along.

Now that they've destroyed our country's underpinnings, we're easy to discard. Now is the time for someone like Obama to come in and truly put the country in a better direction. But I think Clinton did the best he could in that situation.

[hedgehog]

14. The chickens started coming home to roost in 2000, but the

deregulation that released them in the first place took plae under Clinton.

[JuniperLea]

20. Can you prove that?

That's not how I remember deregulation.

[hedgehog]

21. From googling " Clinton deregulation" :

The Glass-Steagall Act established the Federal Deposit Insurance Corporation (FDIC) and included banking reforms, some of which were designed to control speculation. Some provisions such as Regulation Q that allowed the Federal Reserve to regulate interest rates in savings accounts were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Other provisions which prohibit a bank holding company from owning other financial companies were repealed in 1999 by the Gramm-Leach-Bliley Act.
Wiki

Under Clinton, 1992-2000, the policy focus centered largely on promoting and expanding neo-liberal "free trade" under dollar hegemony. Additionally, the Clinton period was characterized by the introduction of new formulas for enabling health care cost shifting from corporations to workers, by accelerating the diversion of social security payroll taxes to the US general budget to create the false appearance of declining federal budget deficits and by-passing government rules, encouraging the further decline of the traditional private pension system. The Clinton surplus was largely funded from the pockets of US workers. Clinton deregulated world trade and introduced dollar hegemony to put the US middle class in debt in order to feed corporate global profit. The Clinton prosperity was built on debt addiction, otherwise known as "Rubinnomics", after Clinton treasury secretary Robert Rubin.

http://www.atimes.com/atimes/Global_Economy/IJ13Dj01.html

Telecommunications Act of 1996
The 1996 Telecom Act was a landmark piece of legislation that drastically altered U.S. media and communications policy. The Act, signed into law by Bill Clinton on February 8, 1996, deregulated the media and communications sectors, leading to increased consolidation in both industries. In the years that followed, radio companies like Clear Channel ballooned in size (Clear Channel now owns over 1,200 radio stations) because radio ownership limits had been removed. The new policies also led to a number of mega-mergers among telephone companies and other media businesses.

http://answers.yahoo.com/question/index?qid=20071215232338AAPfVUB

[melody]

25. As I said, Clinton merely did what he did to survive politically

I support Obama, but this criticism of Clinton is entirely unfair.

[JuniperLea]

19. Indeed...

Didn't Clinton have to battle a Republican Congress? Unless your name is George W. Bush, a president doesn't hold all the power.

[Adelante]

5. Obama is right

I've been wanting him to talk about financial services reforms of the 90s and the gutting of New Deal protections for markets and consumers.

[anonymous171]

6. Clinton was always more "free-market"-ish.

His conservative economic policies are what made him popular with certain industries.

[Ichingcarpenter]

8. The Telecommunications Act of 1996 was horrible

and deregulated it to the mess we see now

The 1996 Telecom Act was a landmark piece of legislation that drastically altered U.S. media and communications policy. The Act, signed into law by Bill Clinton on February 8, 1996, deregulated the media and communications sectors, leading to increased consolidation in both industries. In the years that followed, radio companies like Clear Channel ballooned in size (Clear Channel now owns over 1,200 radio stations) because radio ownership limits had been removed. The new policies also led to a number of mega-mergers among telephone companies and other media businesses.


Bill Clinton:
"Today I have signed into law S. 652, the "Telecommunications Act of 1996." This landmark legislation fulfills my Administration's promise to reform our telecommunications laws in a manner that leads to competition and private investment, promotes universal service and open access to information networks, and provides for flexible government regulation. This Act seeks to remove unnecessary regulation and open the way for freer markets. I support that philosophy. "

[FrenchieCat]

9. Yes it certainly was!

Is there anything that Bill Clinton "didn't" sign that was favorable to Republican rule?

[murray hill farm]

10. What does "Oh snap" mean????

I hear it, but do not know what it means?

[hedgehog]

11. OH SNAP exclamatory phrase) a playful indication of surprise, misfortune, or insult

http://www.urbandictionary.com/define.php?term=oh+snap

[murray hill farm]

28. Thanks!

and also for that link. Pat

[bbgrunt]

12. good. It is time to revisit the changes that led us here.

[The Doctor.]

15. Although I too have considered Bill Clinton a moderate Republican, that's not an entirely fair

assesment.

Many of those initiatives were punched through by a Republican congress with the balance of power. It's just a little more complicated than that.

Bill Clinton was a brilliant politician, is an impressive policy hawk, and will always be considered a successful President. to lay our current woes at his feet is not genuine.

There are plenty of reasons to criticize his and her behavior on the campaign trail, but let's not go with retroactive ones.

K?

[Ichingcarpenter]

16. His Economic Policies are relevant

K?

[The Doctor.]

22. I didn't say they weren't. What I said was that those policies weren't entirely 'his'.

With over seven years of DU factfinding, I'm sure that we know how much W.J.Clinton had to do with all of those issues and policies by now.

K?

[hedgehog]

17. If he was such a brilliant politician, why didn't he put up a better fight?

I mean, it's all well and good to keep your powder dry and don't fire until you see the whites of their eyes and all, but when did Bill ever actually stand up and fight for anything but his personal reputation?

Hillary's failure to make Iraq a major issue in 2006 suggests that she would be like Bill, always standing down on this fight in preparation for the next one!

[The Doctor.]

24. Uhhh... because he was a brilliant politician.

Yah don't get that part, do yah?

[OzarkDem]

18. More proof Obama is GOP and will govern the same

And his economic policies will bring back Reaganomics.
Recall, he really admired Reagan.

Why would Dems support an economic conservative for president after all we've been through?

[The Doctor.]

23. That's 20 pounds of Bullshit in a 5 pound bag.

That 'Reagan thing' has been well and roundly found to be complete bullshit too.

[OzarkDem]

26. It was on tape

ergo it can't be refuted.

I'm still waiting for one shred of evidence (not just happy talk). That Obama has gone out of his way to advance populist economic ideas.

Was it the time he voted to refuse caps on credit card interest rates?

[The Doctor.]

27. Unbelievable. You ACTUALLY bought that RW lie?

And then you are foolish enough to bring it here?

Trying to insult my intelligence by pulling a lie out of context is pure idiocy.

He said he admired Reagan for his ability to unify his party. There are stronger words, but I'll just say that you are being quite disingenuous.

There is also nothing in Obama's economic policies that will 'bring back Reaganomics'.

So let me ask you; Are you a liar, or a fool?

Do you think I'm being 'rude' or 'mean'? Good, you deserve it for shoveling garbage here.

Now, since you haven't seen a 'shred of evidence' because you obviously haven't looked, start here with his plans and policy positions; http://www.barackobama.com/issues/economy/#innovation

Then you can look at his voting record here;
http://www.votesmart.org/voting_category.php?can_id=9490

You won't do that will you?

If the fact that you're passing that lie around is any indication, I'm guessing you'll be much happier remaining ignorant.

Suprise me.

[jillan]

29. How very Republican of you ---

Just blame it all on the Clintons.