Elder on Clinton's deregulation and Obama's critique

More from Larry Elder's essay at Jewish World Review...

Good analysis of how Obama is unlikely to deviate from Bush on important issues, despite the campaign rhetoric...

Take President-elect Barack Obama's campaign narrative: a) Bush/McCain deregulation created our problems; b) the policies of President Clinton brought success and shared prosperity, c) President Bush's tax cuts unfairly enriched the rich, d) Obama intends to end posthaste the Iraq war, which "never should have been authorized and never should have been waged," and e) through Gitmo/unlawful wiretaps/illegal interrogation procedures, Bush "shredded" the Constitution.

I'll focus on the value-added (at least to me) that Elder brings on Clinton's bragging about repealing most of Glass-Steagall...

Ever heard of the Glass-Steagall Act?...Clinton, with the backing of many Republicans, allowed the banking/investment wall to fall by signing the 1999 Gramm-Leach-Bliley Act, repealing a large part of the Glass-Steagall Act of 1933. This led to the business model of the now-troubled and recently bailed-out Citigroup, a model impossible but for the repeal of Glass-Steagall.

The Clinton administration, during its waning days, published a paper called "The Clinton Presidency: Historic Economic Growth." It listed among its achievements "Modernizing for the New Economy through Technology and Consensus Deregulation."

Clinton denies — correctly — that his deregulation policies caused the current financial meltdown. "I don't see that signing that bill had anything to do with the current crisis," he said. "Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn't signed that bill." Blaming deregulation on the financial crisis ignores a whole chain of events, most notably the decline in housing values. But that didn't stop candidate Obama from screaming "deregulation," even though Clinton deregulated the financial sector more than did Bush....