Saturday, October 17, 2015

Hillary Clinton's Take on Banks Does Not Stand Up.

Matt Tiabbi.

….The other drama was serious and highly charged argument between two extremes on the political campaigning spectrum, pitting the unapologetic idealist Bernie Sanders against the master strategist Hillary Clinton. (Martin O'Malley seemed like an irrelevant spectator to both narratives.)
One of the most revealing exchanges in the Clinton-Sanders tilt involved the question of Wall Street corruption. Sanders has always been a passionate crusader against Wall Street perfidy, but Hillary's take on the subject was fascinating.
Asked about it Tuesday night, she gave an answer that to me sums up her candidacy and the conundrum of the modern Democratic Party in general. She seemed to hit a lot of correct notes, while at the same time over-thinking and over-nuancing a question where a few simple unequivocal answers would probably have won everyone over.
The key exchange began with a question from CNN's Anderson Cooper:
"Just for viewers at home who may not be reading up on this, Glass-Steagall is the Depression-era banking law repealed in 1999 that prevented commercial banks from engaging in investment banking and insurance activities. Secretary Clinton, he raises a fundamental difference on this stage. Sen. Sanders wants to break up the big Wall Street banks. You don't. You say charge the banks more, continue to monitor them. Why is your plan better?"

Backing up: When Bill Clinton took office, it was still illegal in the United States for commercial banks to merge with investment banks and insurance companies. But toward the end of Clinton's second term, he signed a bill called the Gramm-Leach-Bliley Act that essentially created Too Big to Fail "supermarket" banks like Citigroup.

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