On Day 3 of the Democratic National Convention, Truthdig's editor in chief confronted the two former Treasury secretaries about the role financial deregulation played in the Wall Street crash. On Day 3 of the Democratic National Convention, Truthdig's editor in chief confronted the two former Treasury secretaries about the role financial deregulation played in the Wall Street crash.
Endorsing the Republican agenda of financial industry deregulation, reversing New Deal safeguards, President Clinton caused more damage to the American economy in the long run than any president since Herbert Hoover.That has always been the man’s special gift—to rise above, and indeed benefit from, the messes he created.
With stupefying arrogance, Clinton tried during Sunday's debate to tie her rival to the Great Recession—an economic crisis that actually was fostered by Bill Clinton, his aides and even one of her own campaign advisers.
Jail, anyone? Perhaps that’s too harsh, and at any rate premature, but is anyone ever going to be held accountable for the behind-the-scenes sweetheart deals that passed tens of billions of taxpayer dollars through the AIG shell game to the very banks that caused the financial meltdown? Is anyone ever going to be held accountable for the sweetheart deals that passed billions of taxpayer dollars through the AIG shell game to the banks that caused the meltdown?
In recent days yet another wealthy private customer of the Swiss-based banking conglomerate UBS admitted to criminal fraud in a growing parade of perp walks that could extend into the thousands. It is a case that threatens to ensnare former Sen. Phil Gramm, the Texas Republican who is vice chairman of UBS’ investment banking business.Was Phil Gramm truly unaware of the widespread efforts at UBS to defraud the U.S. Treasury?
Bernie Sanders, the senator from Vermont who is independent in spirit as well as party label, has placed a hold on President Obama’s nomination of Gary Gensler to head the Commodity Futures Trading Commission. Sounds like a minor issue to get worked up about, but I see this appointment as further evidence that the president has entrusted his economic policy to the wrong people.