Cap’n AMatrixca
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- Joined
- Jul 5, 2005
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But what most of the media has overlooked is that Obama's twin messages of bashing deregulation and embracing the Clinton years are inherently contradictory. Nearly all the deregulatory measures that John McCain backed - that are now being blamed (wrongly) for helping to cause the current crisis - were signed by Bill Clinton. What's more, Clinton administration officials have even credited these policies for contributing to the ‘90s economic boom - the very "shared prosperity" that Obama says he wants to go back to.
Late in Clinton's tenure, the Clinton White House put forth a document celebrating "Historic Economic Growth" during the administration and pointing to the policy accomplishments it deemed responsible for this growth. Among the achievements on Clinton's list were none other than "Modernizing for the New Economy through Technology and Consensus Deregulation." That's right, a Clinton White House document credited part of the administration's success to that now dreaded d-word, deregulation.
"In 1993," the document explained, "the laws that governed America's financial service sector were antiquated and anti-competitive. The Clinton-Gore Administration fought to modernize those laws to increase competition in traditional banking, insurance, and securities industries to give consumers and small businesses more choices and lower costs."
Everything in those passages in the document is true except that it omitted credit to the GOP-controlled Congress elected in 1994 for passing these policies that led to the prosperity. But the Clinton administration, whatever its other personal and policy flaws, should indeed be praised for signing and advocating this deregulation. These bipartisan financial policies, however, are now the very ones Obama, running mate Joe Biden and other Democrats attack. "Let's, first of all, understand that the biggest problem in this whole process was the deregulation of the financial system," Obama proclaimed in the second presidential debate.
http://www.americanthinker.com/2008/11/obama_runs_against_clinton_pro.html