My aim is to clarify the economic issues invoked in this Presidential campaign as they arise. Tell me how I’m doin’. -via at olivialarosa com
In the Sunday night debate, Hillary said that Bernie was the only one on the stage who voted for a bill that allowed derivatives and credit swaps to be traded in secret. True, on its face. So why I am writing about this?
A. Because Bernie was the only one capable of casting a vote in the Senate at that moment in time. Hillary was the First Lady, Martin O’Malley was doing something for Maryland.
B. The bill at hand did not contain the elements that permitted derivatives and credit swaps to be traded in secret. At the last minute, Bill Clinton agreed with Sen. Phil Gramm (R) Texas to add those elements onto an omnibus budget bill. By the way, omnibus means it was it was a huge bill packed with unrelated riders and had to be passed as presented.
C. The ability to trade derivatives and credit swaps in secret constitutes the biggest gamble that Wall Street types have ever taken.
D. Which led directly to the Great Recession.
E. We will never recuperate from those losses, or the unspeakable damage done to the fabric of American, and yes global society.
(I will never forget the expressions that crossed O’Malley’s face when Lester Holt asked him for a 30-second closing statement. Priceless. I like him.)
Read the article by Robert Scheer here:
Also see this article at Daily Kos by Diane Reynolds
Deborah Lagutaris (nom de plume) Olivia LaRosa) has a Law and Society Political Science BA from UC Santa Barbara with a minor in 20th century political history. She has a law degree from UC Hastings College of the Law, and is ABT in the LL.M. Taxation – International Taxation and Wealth Management concentrations at Thomas Jefferson School of Law, and a business AA from Bakersfield College. She held responsible positions in the banking, real estate, and mortgage lending industries for 25 years. She took her first politics and economics classes when she was 16.
via at olivialarosa.com