2008-10-01 Clinton says Deregulation Not to Blame for Crisis
- when: 2008-10-01
- source: Newsmax
- topics: 2008 mortgage crisis/Clinton Bill Clinton Gramm-Leach-Bliley Act
- link: https://web.archive.org/web/20090914114718/http://moneynews.newsmax.com/streettalk/deregulation/2008/10/01/136247.html
- title: Clinton: Deregulation Not to Blame for Crisis
- summary: “Former President Bill Clinton says deregulation of financial institutions is not to blame for the mortgage market mess. ...these facts will likely come as news to many ... who are promoting the idea that deregulation is to blame for the mortgage market meltdown.”
"No, because it wasn't a complete deregulation at all. We still have heavy regulations and insurance on bank deposits, requirements on banks for capital and for disclosure," Clinton said emphatically in the Business Week interview.
The Gramm-Leach-Bliley Act passed the Senate on a 90-8 vote, among them 38 Democrats, some of them quite vocal supporters of the deregulation bill, including Sens. Chuck Schumer, John Kerry, Chris Dodd, John Edwards, Dick Durbin, Tom Daschle, and Joe Biden.
Now, according to The Journal, these facts will likely come as news to many, including the national press corps and presidential candidate Barack Obama, who are promoting the idea that deregulation is to blame for the mortgage market meltdown.
A nice bit of distortion from Newsmax: Clinton says Gramm-Leach-Bliley (GLB) wasn't responsible; GLB was deregulation, therefore deregulation wasn't responsible.
- 2008-10-01 Bill v. Barack on Banks "Clinton instructs Obama on finance and Phil Gramm."