Jacob Lew: Another Brick in the Wall Street on the Potomac (William K. Black)

[Octafish]

12. Gee. That's the OPPOSITE of what Dr. Black wrote. Puro Third Way is more like it.

Why that'd be, Dr. Black explains:

Lew helped establish finance policy under President Clinton.

Lew served as OMB chief from May 1998 to January 2001 during the Clinton administration, when Clinton signed into law the Financial Services Modernization Act of 1999 and the Commodity Futures Modernization Act of 2000 -- two pieces of legislation at the heart of the deregulation of Wall Street. The first repealed the law that had long kept commercial banks from offering products or engaging in services more common with investment banks; the second "eliminated virtually all regulation" over the kind of derivatives that trade outside regulators' view....

Lew's predecessor as chief of staff was William Daley. Daley is a lawyer. Daley was on the executive board of J.P. Morgan-Chase during the crisis and before that he was on Fannie Mae's board of directors. Daley is a member of "Third Way's" controlling board. Third Way is a Pete Peterson ally that lobbies in favor of austerity and cuts to the safety net. It pushes Wall Street's, and Pete Peterson's, greatest dream -- privatizing Social Security. Privatization would allow Wall Street to increase its profits by hundreds of billions of dollars in fees for managing our retirement savings.

CONTINUED...

http://www.huffingtonpost.com/william-k-black/jacob-lew-another-brick-i_b_2446848.html

Dr. Black's got links for all the points he makes.

Almost forgot: Like the great DUer Trumad wrote, I'd rather be a Bank Griefer than a Bank Licker.