Reply #21: Gotta Love That Wall Street Deregulation & NAFTA Track Record [View All]

[Better Believe It]

of the Republicans and their enablers within the Democratic Party led by the Clintons.

And this is the kind of track record and experience you celebate and want more of?

Sorry.

We need a real change in economic policy, one that benefits the common people, not just the deregulation, free trade fat cats on Wall Street.

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The Obama Economic Team: Clinton Retreads?
By Dean Baker
Guardian Unlimited
November 13, 2008

Those following the meeting of President Obama's economic advisory committee could not have been very reassured by the presence of Robert Rubin and Larry Summers, both former Treasury secretaries in the Clinton administration. Along with former Federal Reserve Board chairman Alan Greenspan, Rubin and Summers compose the high priesthood of the bubble economy. Their policy of one-sided financial deregulation is responsible for the current economic catastrophe.

While the Bush administration must take responsibility for the current crisis (they have been in power the last 8 years), the stage was set during the Clinton years. The Clinton team set the economy on the path of one-sided financial deregulation and bubble-driven growth that brought us where we are today. (The deregulation was one-sided, because they did not take away the "too big to fail" security blanket of the Wall Street big boys.)

For this reason, it is very discouraging to see top Clinton administration officials standing center stage at President Obama's meeting on the economy. This is not change, and certainly not policies that we can believe in.

Read the complete article at:

http://www.zmag.org/znet/viewArticle/19603