In any study that is not randomized there is inherently going to be differences amongst the groups that impact the outcome. The common practice to address this sampling bias is to adjust the results based on a list of other variables.
In 2003 tests were performed to determine if these adjustments actually worked.
The scientists took two large RCT’s and resampled each 14,000 times (sections 6-7). They then used these “studies” to test whether adjusting for cofounders worked at reducing “three different
types of bias”.
They report “A reverse trend was noted with study results becoming more biased with fewer significant differences in baseline”
“systemic bias was actually higher” when there was no difference in cofounders.
Adjusting based on cofounders was “on average more biased than the unadjusted results”
Adjustments “increased the variability” with each additional adjustment added. Depending on how you decide to adjust the data and which adjustments you use you can essentially get any result you are paid to get, or any result that allows you to sleep at night.
These results occurred in studies that did not start with a healthy user bias, a survivorship bias, or an adherence bias. These three biases plague medical studies and are not adjusted for because of the near impossibility of doing so.
Essentially, any non-randomized study particularly if that study contains conflicts of interests, healthy user bias, survivorship bias, adherence bias or other design flaws/biases is next to worthless in providing accurate and truthful results.
Though if a study contains those biases and shows the treatment is harmful it is likely in fact harmful, since the study is so infected with pro-treatment flaws and biases.
Democrats betrayed the working class in order to serve Wall Street. Obama and Congressional supermajorities came into office amidst the Global Financial Crisis. Obama could not find a bankster to prosecute or a big bank to break up. He re-appointed Bush’s Defense Secretary and kept the pointless wars going. Obama’s big reform enriched health insurance companies. The big innovation that followed: predatory Pharmacy Benefit Managers. Obama presided over a decline in life expectancy among white men and Democrats didn’t care, because “racism”.
The Democrats chose Hillary Clinton as their nominee over the populist Bernie Sanders. She deplored her way to losing key Midwest states. On the way, she helpfully pointed out that breaking up the big banks wouldn’t end racism or sexism. (Did I mention that Goldman Sachs paid her big bucks for private speeches praising their good work?) When she lost, the Dems, with help from the CIA and FBI, ginned up Russiagate.
The Dems had a chance to give us a better President than Trump and instead used record numbers of absentee ballots to give us an advanced case of Parkinson’s to lead the country. What a brilliant job he did! Manipulated asylum to open the borders — Trump sure walked into that one! Completed the discrediting of public health. Backed Victoria Nuland in provoking the War in Ukraine and blew up the Nordstream pipeline (allegedly). Responded to the humanitarian crisis in Gaza not by pressure on Israel to end their blockade or their demolition of infrastructure or their genocide, but by spending $330 million on a floating pier that regularly fell apart in the surf, lasting 20 days, long enough for the Israelis (allegedly) to use it in a raid to kill 274 Palestinians while rescuing 4 hostages. Did I mention the baby formula shortage? More than anything else, Biden made sure “nothing fundamentally changed” just as he promised (his donor base).
Those who cannot remember the past are condemned to repeat it.
In the first stage of life the mind is frivolous and easily distracted; it misses progress by failing in consecutiveness and persistence. This is the condition of children and barbarians, in whom instinct has learned nothing from experience.
Ceuta, a Spanish city of 84,00 in Northern Africa is invaded by some 50,000 Morrocans seeking something or another.
It’s no secret that the vile and evil Zioenterprise along with the Rubio Trumpist regime and the Morrocan government are behind this, trying to punish and destroy the Spanish government for opposing genocide and the Iran war. Last year Israel attacked Spain’s rail network for the country having the audacity to be humanitarian.
Then these ziosickos taunt Spain for occupying foreign soil. The hypocrisy, the dirty tricks, the utter depravity leaves me speechless, so I’ll say no more.
The Big Corporate Buyout of America’s Blue Collar Jobs
Private equity has expanded into the entire skilled trades ecosystem, from trade schools, staffing, software, financing, warranties, and more.
———————————
Bill Clinton’s administration implemented financial deregulation policies, including the repeal of the Glass-Steagall Act, which allowed hedge funds and other financial institutions to operate with fewer restrictions. This contributed to a more volatile financial environment and is often criticized for enabling risky financial practices that led to economic instability.
 National Archives Dissent
Financial Deregulation Under Bill Clinton
Key Policies
During Bill Clinton’s presidency, significant financial deregulation occurred, which included:
• Repeal of the Glass-Steagall Act: This act, originally established to separate commercial banking from investment banking, was repealed in 1999. This allowed financial institutions to engage in a wider range of activities, including hedge fund operations, without the same level of oversight.
• Promotion of Risky Financial Practices: The deregulation policies enabled hedge funds and other financial entities to operate with fewer restrictions. This environment fostered riskier financial practices that contributed to economic instability.
Consequences
The deregulation era is often criticized for:
• Increased Volatility: The lack of stringent regulations led to a more volatile financial environment, making the economy susceptible to crises.
• Economic Instability: Critics argue that these policies set the stage for the financial crisis of 2008, as they allowed for excessive risk-taking by financial institutions.
Clinton’s administration is often viewed as having facilitated an environment where hedge funds could operate with minimal oversight, leading to practices that many believe contributed to significant economic challenges in the following years.
 Dissent Wikipedia
Bill Clinton signed the Gramm–Leach–Bliley Act in 1999, which repealed the Glass–Steagall Act’s separation of commercial and investment banking, and he supported the repeal of Glass–Steagall through the Graham-Leach-Bliley Act.
 demos.org americanyawp.com
The repeal of the Glass-Steagall Act in 1999 allowed commercial banks to engage in investment banking activities, which contributed to the merging of financial services and increased risk-taking in the industry. This change is often cited as a factor in the 2008 financial crisis, although some argue that it was not the sole cause of the crisis.
 Cato Institute demos.org
More Search Results
Financial deregulation in the United States has historically been linked to periods of increased risk-taking by financial institutions, which can contribute to financial instability and crises.
 whatsapp.com Merriam-Webster
Bill Clinton was warned about hedge funds and financial risks during his presidency, including criticism of deregulation and lack of oversight of over-the-counter derivatives that contributed to systemic vulnerabilities.
 Wikipedia
Warnings About Hedge Funds During Bill Clinton’s Presidency
During Bill Clinton’s presidency, there were significant warnings regarding the risks posed by hedge funds and the broader financial system. Critics highlighted the dangers of deregulation and the lack of oversight, particularly concerning over-the-counter derivatives. These financial instruments were largely unregulated, which raised alarms about their potential to contribute to systemic vulnerabilities in the economy.
Key Points of Criticism
• Deregulation: Clinton’s administration faced criticism for its deregulation policies, which many believed allowed hedge funds to operate without sufficient oversight.
• Lack of Oversight: The absence of regulatory frameworks for over-the-counter derivatives was a major concern. These instruments were traded privately, making it difficult for regulators to assess the risks involved.
• Warnings Ignored: Notable figures, including Brooksley Born, who chaired the Commodity Futures Trading Commission (CFTC), warned about the need for regulation of derivatives. Her concerns were largely dismissed by key economic policymakers, including Federal Reserve Chairman Alan Greenspan.
Impact of Warnings
The failure to heed these warnings contributed to vulnerabilities in the financial system, which later became evident during the financial crisis of 2008. The lack of regulatory oversight allowed hedge funds and other financial entities to engage in risky practices that ultimately had widespread repercussions for the economy.
 Wikipedia
Bill Clinton received warnings about hedge funds primarily concerning their high-risk techniques and potential conflicts of interest, which could pose significant risks to investors and the financial system. These concerns were highlighted during Senate hearings focused on the hedge fund industry, emphasizing the need for regulatory oversight.
 GovInfo
Hedge fund deregulation during Bill Clinton’s presidency is often criticized as a contributing factor to the financial crisis, as it allowed for increased risk-taking and lack of oversight in the financial markets. This deregulation, particularly through the repeal of the Glass-Steagall Act, is believed to have played a significant role in the events leading up to the Great Recession.
 Wikipedia Cato Institute
Critics argue that Bill Clinton’s financial policies, particularly his deregulation efforts, contributed to the financial crisis by allowing hedge funds and other financial institutions to operate with less oversight. This deregulation is seen as a factor that led to the creation of a “bubble economy” and ultimately the financial instability that followed.
 Dissent Wikipedia
——————
The free market miracles always end in fascism. From 1993-2001, one miracle after another was put into place. Now it cannot be reversed as the U.S.A. is governed today.
the audit
Bill Clinton on deregulation: ‘The Republicans made me do it!’
The ex-president seriously mischaracterizes his record
October 1, 2013 By Ryan Chittum
Sign up for the daily CJR newsletter.
Bill Clinton sat down with Fareed Zakaria last week on CNN for a typically wide-ranging interview that touched on chemical weapons, big data and privacy, whether Chelsea Clinton should run for office, etc.
You know, the usual Bill Clinton interview. But Clinton’s comment about his record on regulation is an actual newsmaker, because it’s a giant whopper:
What happened? 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. I know Senator Warren said the other day, admitted when she introduced a bill to reinstate the division between commercial and investment banks, she admitted that the repeal of Glass-Steagall did not cause one single solitary financial institution to fail.
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).
Let’s go to the tape. Clinton installed Robert Rubin and Larry Summers in the Treasury, which resulted in the Gramm-Leach-Bliley Act, which officially did in Glass-Steagall and the Commodity Futures Modernization Act, which left the derivatives market a laissez-faire Wild West (not to mention a disastrous strong dollar policy that was a critical and underrated factor in the bubble). He also reappointed Ayn Rand-acolyte Alan Greenspan, who has as much responsibility as anyone for creating the crisis, as Fed chairman—twice.
Now it’s true that Clinton faced an extremely hostile Republican Congress for the last six years of his presidency. But his administration actively encouraged the big deregulatory legislation, and squashed its own dissenters, like Brooksley Born, who saw disaster ahead.
Clinton would have you believe that he signed those bills because his administration was forced to by a GOP that was beholden as usual to Big Business, but then what about the deregulatory legislation he signed in 1994, before Gingrich & Co. took Congress?
Riegle-Neal hasn’t got a tenth of the press that the CMFA and Gramm-Leach-Bliley have, but it was a milestone in the creation of Too Big to Fail, allowing banks to cross state lines, effectively gutting state regulation of banking. The Christian Science Monitor that year quoted a Wall Street analyst saying that, “‘It also didn’t hurt that NationsBank president Hugh McColl has a working relationship with President Clinton or that the comptroller of the currency, Eugene Ludwig, was a successful lawyer at Covington & Burling and NationsBank had been a major client.’” Hugh McColl gave us Bank of America.
From across the pond, The Independent wrote in a piece that was prescient in more ways than one:
“In effect, Congress has said let the merger mania begin. There is virtual consensus that the legislation will allow both the big US banks and their foreign rivals in America – British banks among them – to grow much bigger.
Nor was that the only thing the banks got that year. The American Banking Association wrote about Riegle-Neal, the Bankruptcy Reform Act of 1994, and the Community Banking Development Act that “the 103rd will be remembered as the first Congress in recent memory to pass “clean” pro-banking legislation.”
Clinton, on signing Riegle-Neal, praised McColl and the head of Chase Manhattan, and said, ” It represents another example of our intent to reinvent Government by making it less regulatory and less overreaching and by shrinking it where it ought to be shrunk and reshaping it where it ought to be reshaped.”
Again, this was before the Republicans took over Congress.
In 1999, on signing Gramm-Leach-Bliley into law, Clinton said, “This is a day we can celebrate as an American day” and that ” the Glass-Steagall law is no longer appropriate for the economy in which we live” and “today what we are doing is modernizing the financial services industry, tearing down these antiquated laws and granting banks significant new authority” and “This is a very good day for the United States.”
His Treasury Department pushed for the Commodity Futures Modernization Act after squashing Brooksley Born’s fervent attempts to have her Commodity Futures Trading Commission regulate derivatives.
The bottom line is: Bill Clinton was responsible for more damaging financial deregulation—and thus, for the financial crisis— than any other president. He may want to rewrite history to protect his wife’s 2016 presidential hopes, but the press shouldn’t let him.
But we’re off to a bad start there. Zakaria didn’t call Clinton out. Nor did The New York Times, which flagged Clinton’s CNN quote in a piece on Elizabeth Warren, but simply said Clinton “defended his administration’s approach to bank regulation” and left it at that.
When someone’s spouting obvious and provable falsehoods, you have got to call that out, even if it’s in quote marks.
UPDATE:
This was no one-off comment, either. Charles Ferguson, director of the phenomenal “Inside Job” documentary, writes this in a column on why he canceled his planned documentary of Hillary Clinton:
In June, I attended a dinner for Bill Clinton, which was educational. Clinton spoke passionately about his foundation, about African wildlife, inequality, childhood obesity, and much else with enormous factual command, emotion, and rhetorical power. But he and I also spoke privately. I asked him about the financial crisis. He paused and then became even more soulful, thoughtful, passionate, and articulate. And then he proceeded to tell me the most amazing lies I’ve heard in quite a while.
For example, Mr. Clinton sorrowfully lamented his inability to stop the Commodity Futures Modernization Act, which banned all regulation of private (OTC) derivatives trading, and thereby greatly worsened the crisis. Mr. Clinton said that he and Larry Summers had argued with Alan Greenspan, but couldn’t budge him, and then Congress passed the law by a veto-proof supermajority, tying his hands.
Well, actually, the reason that the law passed by that overwhelming margin was because of the Clinton Administration’s strong advocacy, including Congressional testimony by Larry Summers and harsh public and private attacks on advocates of regulation by Summers and Robert Rubin.
Yeah, the Euro-right is making this out to be an “invasion” by Islamic vandal hordes of European Spain itself, and cites the death toll neglecting to add that it’s the migrants who are dying. I have a Greek friend (pre-disposed to hate Muslims by upbringing, no doubt) who keeps posting this crap on social media.
Smoke clogged skies make for dirty crimson sunsets and sunrises, too if you can clear your burning eyes and lungs enough to see and function.
Whatever’s clogging your bowels and mind pop a metaphorical repository and cleanse the channels.
Yeah, yeah easy to say, but whatcha gonna do in the face of habitual tendencies? Print a bumper sticker saying Don’t Believe Everything You Think? That’s been tried, it didn’t work.
I guess we can post comments on an enlightened blog and see how far that takes us.
Cheers
Here’s something funny from the MaliciousCompliance subreddit. Someone wasn’t looking busy enough to satisfy the boss, so the someone figured out how to look busy and the boss was indeed satisfied.
Oakchair
In any study that is not randomized there is inherently going to be differences amongst the groups that impact the outcome. The common practice to address this sampling bias is to adjust the results based on a list of other variables.
In 2003 tests were performed to determine if these adjustments actually worked.
The scientists took two large RCT’s and resampled each 14,000 times (sections 6-7). They then used these “studies” to test whether adjusting for cofounders worked at reducing “three different
types of bias”.
They report “A reverse trend was noted with study results becoming more biased with fewer significant differences in baseline”
“systemic bias was actually higher” when there was no difference in cofounders.
Adjusting based on cofounders was “on average more biased than the unadjusted results”
Adjustments “increased the variability” with each additional adjustment added. Depending on how you decide to adjust the data and which adjustments you use you can essentially get any result you are paid to get, or any result that allows you to sleep at night.
These results occurred in studies that did not start with a healthy user bias, a survivorship bias, or an adherence bias. These three biases plague medical studies and are not adjusted for because of the near impossibility of doing so.
Essentially, any non-randomized study particularly if that study contains conflicts of interests, healthy user bias, survivorship bias, adherence bias or other design flaws/biases is next to worthless in providing accurate and truthful results.
Though if a study contains those biases and shows the treatment is harmful it is likely in fact harmful, since the study is so infected with pro-treatment flaws and biases.
https://eprints.whiterose.ac.uk/id/eprint/6194/
https://journalslibrary.nihr.ac.uk/hta/HTA7270#full-report
^You can download the entire PDF for free here
bruce wilder
Democrats betrayed the working class in order to serve Wall Street. Obama and Congressional supermajorities came into office amidst the Global Financial Crisis. Obama could not find a bankster to prosecute or a big bank to break up. He re-appointed Bush’s Defense Secretary and kept the pointless wars going. Obama’s big reform enriched health insurance companies. The big innovation that followed: predatory Pharmacy Benefit Managers. Obama presided over a decline in life expectancy among white men and Democrats didn’t care, because “racism”.
The Democrats chose Hillary Clinton as their nominee over the populist Bernie Sanders. She deplored her way to losing key Midwest states. On the way, she helpfully pointed out that breaking up the big banks wouldn’t end racism or sexism. (Did I mention that Goldman Sachs paid her big bucks for private speeches praising their good work?) When she lost, the Dems, with help from the CIA and FBI, ginned up Russiagate.
The Dems had a chance to give us a better President than Trump and instead used record numbers of absentee ballots to give us an advanced case of Parkinson’s to lead the country. What a brilliant job he did! Manipulated asylum to open the borders — Trump sure walked into that one! Completed the discrediting of public health. Backed Victoria Nuland in provoking the War in Ukraine and blew up the Nordstream pipeline (allegedly). Responded to the humanitarian crisis in Gaza not by pressure on Israel to end their blockade or their demolition of infrastructure or their genocide, but by spending $330 million on a floating pier that regularly fell apart in the surf, lasting 20 days, long enough for the Israelis (allegedly) to use it in a raid to kill 274 Palestinians while rescuing 4 hostages. Did I mention the baby formula shortage? More than anything else, Biden made sure “nothing fundamentally changed” just as he promised (his donor base).
magp
Ceuta, a Spanish city of 84,00 in Northern Africa is invaded by some 50,000 Morrocans seeking something or another.
It’s no secret that the vile and evil Zioenterprise along with the Rubio Trumpist regime and the Morrocan government are behind this, trying to punish and destroy the Spanish government for opposing genocide and the Iran war. Last year Israel attacked Spain’s rail network for the country having the audacity to be humanitarian.
Then these ziosickos taunt Spain for occupying foreign soil. The hypocrisy, the dirty tricks, the utter depravity leaves me speechless, so I’ll say no more.
mago
Eh, Morocco, not Morroco.
mago
I have a real problem with the AI parasite messing with my communications.
spud
its a free market miracle!
https://www.youtube.com/watch?v=VFdpsk3mTlw
Report says Texans pay some of nation’s highest electricity bills
spud
Why it’s a free market miracle!
https://www.youtube.com/watch?v=VNH3S6Rmqn8
The Big Corporate Buyout of America’s Blue Collar Jobs
Private equity has expanded into the entire skilled trades ecosystem, from trade schools, staffing, software, financing, warranties, and more.
———————————
Bill Clinton’s administration implemented financial deregulation policies, including the repeal of the Glass-Steagall Act, which allowed hedge funds and other financial institutions to operate with fewer restrictions. This contributed to a more volatile financial environment and is often criticized for enabling risky financial practices that led to economic instability.
 National Archives Dissent
Financial Deregulation Under Bill Clinton
Key Policies
During Bill Clinton’s presidency, significant financial deregulation occurred, which included:
• Repeal of the Glass-Steagall Act: This act, originally established to separate commercial banking from investment banking, was repealed in 1999. This allowed financial institutions to engage in a wider range of activities, including hedge fund operations, without the same level of oversight.
• Promotion of Risky Financial Practices: The deregulation policies enabled hedge funds and other financial entities to operate with fewer restrictions. This environment fostered riskier financial practices that contributed to economic instability.
Consequences
The deregulation era is often criticized for:
• Increased Volatility: The lack of stringent regulations led to a more volatile financial environment, making the economy susceptible to crises.
• Economic Instability: Critics argue that these policies set the stage for the financial crisis of 2008, as they allowed for excessive risk-taking by financial institutions.
Clinton’s administration is often viewed as having facilitated an environment where hedge funds could operate with minimal oversight, leading to practices that many believe contributed to significant economic challenges in the following years.
 Dissent Wikipedia
Bill Clinton signed the Gramm–Leach–Bliley Act in 1999, which repealed the Glass–Steagall Act’s separation of commercial and investment banking, and he supported the repeal of Glass–Steagall through the Graham-Leach-Bliley Act.
 demos.org americanyawp.com
The repeal of the Glass-Steagall Act in 1999 allowed commercial banks to engage in investment banking activities, which contributed to the merging of financial services and increased risk-taking in the industry. This change is often cited as a factor in the 2008 financial crisis, although some argue that it was not the sole cause of the crisis.
 Cato Institute demos.org
More Search Results
Financial deregulation in the United States has historically been linked to periods of increased risk-taking by financial institutions, which can contribute to financial instability and crises.
 whatsapp.com Merriam-Webster
Bill Clinton was warned about hedge funds and financial risks during his presidency, including criticism of deregulation and lack of oversight of over-the-counter derivatives that contributed to systemic vulnerabilities.
 Wikipedia
Warnings About Hedge Funds During Bill Clinton’s Presidency
During Bill Clinton’s presidency, there were significant warnings regarding the risks posed by hedge funds and the broader financial system. Critics highlighted the dangers of deregulation and the lack of oversight, particularly concerning over-the-counter derivatives. These financial instruments were largely unregulated, which raised alarms about their potential to contribute to systemic vulnerabilities in the economy.
Key Points of Criticism
• Deregulation: Clinton’s administration faced criticism for its deregulation policies, which many believed allowed hedge funds to operate without sufficient oversight.
• Lack of Oversight: The absence of regulatory frameworks for over-the-counter derivatives was a major concern. These instruments were traded privately, making it difficult for regulators to assess the risks involved.
• Warnings Ignored: Notable figures, including Brooksley Born, who chaired the Commodity Futures Trading Commission (CFTC), warned about the need for regulation of derivatives. Her concerns were largely dismissed by key economic policymakers, including Federal Reserve Chairman Alan Greenspan.
Impact of Warnings
The failure to heed these warnings contributed to vulnerabilities in the financial system, which later became evident during the financial crisis of 2008. The lack of regulatory oversight allowed hedge funds and other financial entities to engage in risky practices that ultimately had widespread repercussions for the economy.
 Wikipedia
Bill Clinton received warnings about hedge funds primarily concerning their high-risk techniques and potential conflicts of interest, which could pose significant risks to investors and the financial system. These concerns were highlighted during Senate hearings focused on the hedge fund industry, emphasizing the need for regulatory oversight.
 GovInfo
Hedge fund deregulation during Bill Clinton’s presidency is often criticized as a contributing factor to the financial crisis, as it allowed for increased risk-taking and lack of oversight in the financial markets. This deregulation, particularly through the repeal of the Glass-Steagall Act, is believed to have played a significant role in the events leading up to the Great Recession.
 Wikipedia Cato Institute
Critics argue that Bill Clinton’s financial policies, particularly his deregulation efforts, contributed to the financial crisis by allowing hedge funds and other financial institutions to operate with less oversight. This deregulation is seen as a factor that led to the creation of a “bubble economy” and ultimately the financial instability that followed.
 Dissent Wikipedia
——————
The free market miracles always end in fascism. From 1993-2001, one miracle after another was put into place. Now it cannot be reversed as the U.S.A. is governed today.
https://www.cjr.org/the_audit/bill_clinton_the_republicans_m.php
the audit
Bill Clinton on deregulation: ‘The Republicans made me do it!’
The ex-president seriously mischaracterizes his record
October 1, 2013 By Ryan Chittum
Sign up for the daily CJR newsletter.
Bill Clinton sat down with Fareed Zakaria last week on CNN for a typically wide-ranging interview that touched on chemical weapons, big data and privacy, whether Chelsea Clinton should run for office, etc.
You know, the usual Bill Clinton interview. But Clinton’s comment about his record on regulation is an actual newsmaker, because it’s a giant whopper:
What happened? 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. I know Senator Warren said the other day, admitted when she introduced a bill to reinstate the division between commercial and investment banks, she admitted that the repeal of Glass-Steagall did not cause one single solitary financial institution to fail.
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).
Let’s go to the tape. Clinton installed Robert Rubin and Larry Summers in the Treasury, which resulted in the Gramm-Leach-Bliley Act, which officially did in Glass-Steagall and the Commodity Futures Modernization Act, which left the derivatives market a laissez-faire Wild West (not to mention a disastrous strong dollar policy that was a critical and underrated factor in the bubble). He also reappointed Ayn Rand-acolyte Alan Greenspan, who has as much responsibility as anyone for creating the crisis, as Fed chairman—twice.
Now it’s true that Clinton faced an extremely hostile Republican Congress for the last six years of his presidency. But his administration actively encouraged the big deregulatory legislation, and squashed its own dissenters, like Brooksley Born, who saw disaster ahead.
Clinton would have you believe that he signed those bills because his administration was forced to by a GOP that was beholden as usual to Big Business, but then what about the deregulatory legislation he signed in 1994, before Gingrich & Co. took Congress?
Riegle-Neal hasn’t got a tenth of the press that the CMFA and Gramm-Leach-Bliley have, but it was a milestone in the creation of Too Big to Fail, allowing banks to cross state lines, effectively gutting state regulation of banking. The Christian Science Monitor that year quoted a Wall Street analyst saying that, “‘It also didn’t hurt that NationsBank president Hugh McColl has a working relationship with President Clinton or that the comptroller of the currency, Eugene Ludwig, was a successful lawyer at Covington & Burling and NationsBank had been a major client.’” Hugh McColl gave us Bank of America.
From across the pond, The Independent wrote in a piece that was prescient in more ways than one:
“In effect, Congress has said let the merger mania begin. There is virtual consensus that the legislation will allow both the big US banks and their foreign rivals in America – British banks among them – to grow much bigger.
Nor was that the only thing the banks got that year. The American Banking Association wrote about Riegle-Neal, the Bankruptcy Reform Act of 1994, and the Community Banking Development Act that “the 103rd will be remembered as the first Congress in recent memory to pass “clean” pro-banking legislation.”
Clinton, on signing Riegle-Neal, praised McColl and the head of Chase Manhattan, and said, ” It represents another example of our intent to reinvent Government by making it less regulatory and less overreaching and by shrinking it where it ought to be shrunk and reshaping it where it ought to be reshaped.”
Again, this was before the Republicans took over Congress.
In 1999, on signing Gramm-Leach-Bliley into law, Clinton said, “This is a day we can celebrate as an American day” and that ” the Glass-Steagall law is no longer appropriate for the economy in which we live” and “today what we are doing is modernizing the financial services industry, tearing down these antiquated laws and granting banks significant new authority” and “This is a very good day for the United States.”
His Treasury Department pushed for the Commodity Futures Modernization Act after squashing Brooksley Born’s fervent attempts to have her Commodity Futures Trading Commission regulate derivatives.
The bottom line is: Bill Clinton was responsible for more damaging financial deregulation—and thus, for the financial crisis— than any other president. He may want to rewrite history to protect his wife’s 2016 presidential hopes, but the press shouldn’t let him.
But we’re off to a bad start there. Zakaria didn’t call Clinton out. Nor did The New York Times, which flagged Clinton’s CNN quote in a piece on Elizabeth Warren, but simply said Clinton “defended his administration’s approach to bank regulation” and left it at that.
When someone’s spouting obvious and provable falsehoods, you have got to call that out, even if it’s in quote marks.
UPDATE:
This was no one-off comment, either. Charles Ferguson, director of the phenomenal “Inside Job” documentary, writes this in a column on why he canceled his planned documentary of Hillary Clinton:
In June, I attended a dinner for Bill Clinton, which was educational. Clinton spoke passionately about his foundation, about African wildlife, inequality, childhood obesity, and much else with enormous factual command, emotion, and rhetorical power. But he and I also spoke privately. I asked him about the financial crisis. He paused and then became even more soulful, thoughtful, passionate, and articulate. And then he proceeded to tell me the most amazing lies I’ve heard in quite a while.
For example, Mr. Clinton sorrowfully lamented his inability to stop the Commodity Futures Modernization Act, which banned all regulation of private (OTC) derivatives trading, and thereby greatly worsened the crisis. Mr. Clinton said that he and Larry Summers had argued with Alan Greenspan, but couldn’t budge him, and then Congress passed the law by a veto-proof supermajority, tying his hands.
Well, actually, the reason that the law passed by that overwhelming margin was because of the Clinton Administration’s strong advocacy, including Congressional testimony by Larry Summers and harsh public and private attacks on advocates of regulation by Summers and Robert Rubin.
StewartM
magp
Yeah, the Euro-right is making this out to be an “invasion” by Islamic vandal hordes of European Spain itself, and cites the death toll neglecting to add that it’s the migrants who are dying. I have a Greek friend (pre-disposed to hate Muslims by upbringing, no doubt) who keeps posting this crap on social media.
mago
Smoke clogged skies make for dirty crimson sunsets and sunrises, too if you can clear your burning eyes and lungs enough to see and function.
Whatever’s clogging your bowels and mind pop a metaphorical repository and cleanse the channels.
Yeah, yeah easy to say, but whatcha gonna do in the face of habitual tendencies? Print a bumper sticker saying Don’t Believe Everything You Think? That’s been tried, it didn’t work.
I guess we can post comments on an enlightened blog and see how far that takes us.
Cheers
bruce wilder
Manichaeism promises “enlightenment”
different clue
Here’s something funny from the MaliciousCompliance subreddit. Someone wasn’t looking busy enough to satisfy the boss, so the someone figured out how to look busy and the boss was indeed satisfied.
Boss said my Teams shouldn’t go “Away” during work hours. Challenge accepted.
https://www.reddit.com/r/MaliciousCompliance/comments/1vhlzdz/boss_said_my_teams_shouldnt_go_away_during_work/
different clue
From the InterestingAsFuck subreddit,
Rat snatches bat out of midair and eats it.
https://www.reddit.com/r/interestingasfuck/comments/1vokcmf/rat_snatches_bat_out_of_midair_and_eats_it/