Sunday, April 18, 2010

Bill Clinton Admits HE WAS WRONG to TAKE ROBERT RUBIN & Lawrence Summers' ADVICE... to DEREGULATE U.S. Financial Markets....

Today's HuffingtonPost front-page contains a long overdue admission by former Democrat President Bill Clinton: HE WAS WRONG to "DEREGULATE" VAST SWATHS of  U.S. financial markets,

following the "advice" of FORMER GODDAMN-SACHS (co-) CHAIRMAN (and Clinton's then   2nd Treasury Secretary) ROBERT RUBIN,  and Mr. Rubin's Treasury Department  protege minions, LAWRENCE SUMMERS, Timmy Geithner, & other GolddamnSachs allied Wall Street financiers.

 Unfortunately,  the current president, BARACK OBAMA, is STILL ENAMORED with Mr. Summers and Mr. Geithner's Rubinesque "Goddamn Sachs uber alles"   FINANCIAL PREDATION agenda
 -  THE MORE  the U.S. ECONOMY  CRASHES  during President Obama's term of office, THE MORE  Mr. Obama REWARDS the GODDAMN-SACHS & JPM  BANKSTERS, by DIRECTLY  EXTORTING  American taxpayers, investors, workers, AND PENSIONERS out of TRILLIONS of dollars of wealth & savings, in so-called "Bailouts,"   to MAKE GOOD the Rubin/Geithner/GoddamnSachs/JPMorgan, et al, VERY PRIVATE BANKING  FRAUDS & fraudulent banking   LOSSES.

   The irony  that goes right over most observers' heads is that  Mr. Obama is NOT a "liberal" - he is a RADICAL RIGHT-WING  WALL STREET Neo-Con PUPPET of the banking elites...
    ...but he is indeed "SOCIALIZING" the VERY PRIVATE  losses of the big banks to the American public &   especially working taxpayers
  - under the pathetically lame & PROPAGANDA EXCUSE of
  [the ONLY thing that should be "TOO BIG to fail" IS the U.S. Government...  and the treasonously greedy & selfish GS & JPM  bankers & wealthy  are TRYING to make state, local, AND the Federal government FAIL, in ALL  of those governments' various social-compact and  social-contract  obligations, so to EXTORT ALL wealth in America to their, the banksters',  treasonous, oligarch, dictatorial control!]
 -  and he, Mr. Obama,   is EXTORTING American taxpayers out of their wealth & property, and HANDING IT OVER TO THE BANKERS,  in what should be called  "SOCIALIZED BAILOUTS,  bordering on COMMUNISTIC CONFISTICATION OF wealth & private  PROPERTY, ON BEHALF of his, Obama's,  wealthy banking elites.... 
Clinton: I Was Wrong to Listen to Wrong Advice Against Regulating Derivatives
by Jake Tapper, ABC News
April 17, 2010 
In my EXCLUSIVE “This Week” interview, I [Jake Tapper of ABC News]  asked former President Bill Clinton if he thought he got bad advice on regulating complex financial instruments known as derivatives from his former Treasury Secretaries, Robert Rubin and Larry Summers.   He acknowledged that he was wrong to take the advice of those advising him against regulating derivatives....      
The former President also said he was... wrong about understanding the consequences if the derivatives market tanked. “The most important flaw was even if less than 1 percent of the total investment community is involved in derivative exchanges, so much money was involved that if they went bad, they could affect a 100 percent of the investments, and indeed a 100 percent of the citizens in countries, not investors, and I was wrong about that.”

Clinton also blamed the Bush administration for scaling back on policing the financial industry. “I think what happened was the SEC and the whole regulatory apparatus after I left office was just let go.”

Much of the financial carnage of the past several years, Clinton said, could have been prevented if only his appointed regulator had been kept on after he left office..
“I think if Arthur Levitt had been on the job at the SEC, my last SEC commissioner, an enormous percentage of what we’ve been through in the last eight or nine years would not have happened.” (cont'd)