I’m seeing this commercial constantly now, with Bill Clinton saying that everyone should vote for Obama because, “The Republican plan is to cut more taxes on upper income people and go back to deregulation. That’s what got us in trouble in the first place.” Here’s the ad:
Seriously? Bill Clinton is complaining about how deregulation got us into the current financial trouble? He’s right, that is the Republican plan — but it was his plan as well. He’s the one who signed the repeal of Glass-Steagall that largely deregulated Wall Street. And he’s the one who got rid of Brooksley Born, head of the Commodity Futures Trading Commission, when she wrote a memo arguing that the derivatives market should be regulated by the CFTC, and then signed into law a bill forbidding regulation of credit default swaps just a few weeks before leaving office. Everyone thinks this all happened under Bush, but it happened under Clinton. He was the one who deregulated Wall Street, over the objections of most of his fellow Democrats and with the support of most of the Republicans in Congress.