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Cheese Sandwich

(9,086 posts)
Tue Jul 14, 2015, 10:33 PM Jul 2015

Behind Hillary Clinton's High Praise for a Republican Wall Street Guru

Terry Duffy, whom Hillary Clinton quoted in her economics speech Monday, is a futures exchange operator and, yes, a registered Republican. But he's been on Team Hillary since at least 2008.

...Of all the ways for a politician to underline the importance of remembering and honoring the people you serve, quoting Duffy’s op-ed was a peculiar one. But a look at Clinton’s relationship with Duffy, who made $6.7 million last year, might explain why.

Duffy may be a registered Republican, but he is a Clinton supporter as well. He endorsed Clinton in her 2008 run, saying, “We need a president like Hillary Clinton who understands the important role that financial markets play in our global economy.” He added, “Like no other candidate, Hillary Clinton crosses party lines to combine the visionary leadership and pragmatic problem-solving skills that this country needs in its President.” He gave the maximum contribution of $4,600 to her 2008 campaign.

Duffy declined comment for this article, though Anita Liskey, the managing director of communications at CME, confirmed his current party registration. She told me, of Duffy's relationship with Clinton, “He knows her well and he’s obviously pleased that she mentioned his piece.”

E-mails released last week by the State Department show evidence of this relationship, as Bloomberg’s Jennifer Epstein and Ben Brody have detailed. Duffy asked Clinton to stop by a dinner he was hosting for “150 or so folks from the exchange,” and she in turn asked an aide to help find a moment for Duffy's group to visit the State Department. He was the conduit through which Senator Lindsey Graham, a Republican rival in the presidential race, sent greetings...
Read more: http://www.bloomberg.com/politics/articles/2015-07-13/behind-hillary-clinton-s-high-praise-for-a-republican-wall-street-guru
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Behind Hillary Clinton's High Praise for a Republican Wall Street Guru (Original Post) Cheese Sandwich Jul 2015 OP
Good for Hillary, proof she can work with Republicans. When you want good people around you don't Thinkingabout Jul 2015 #1
unfreakingbelievable! And on DU, no less! delrem Jul 2015 #2
One of these days it will all sort out. n/t Wilms Jul 2015 #3
But, it wasn't sarcastic or anything. delrem Jul 2015 #4
Hard to imagine otherwise. Wilms Jul 2015 #7
In an alternative universe, maybe. But definitely not on this universe... London Lover Man Jul 2015 #13
You said it. LWolf Jul 2015 #25
Groan. How naive. 840high Jul 2015 #9
:banghead: WillyT Jul 2015 #10
absolutely sickening Doctor_J Jul 2015 #11
So good people = GOP? beam me up scottie Jul 2015 #12
Actually, she just called back London Lover Man Jul 2015 #15
Maybe that poster should rethink their user name. beam me up scottie Jul 2015 #16
Yep. Hinted insamuch. London Lover Man Jul 2015 #17
Think about what you just said. London Lover Man Jul 2015 #14
Know who they really are by the company they keep and who they get... 99Forever Jul 2015 #5
Yep and leads to results like this ... Cheese Sandwich Jul 2015 #8
Geez GOP love her ideas CTBlueboy Jul 2015 #6
Maybe the worst thing about this is the Terry Duffy quote that she used Cheese Sandwich Jul 2015 #18
Gresham’s dynamic in all its glory! Agony Jul 2015 #21
I had to look that up... Cheese Sandwich Jul 2015 #22
IOW There are always people willing to cheat. The system has to be designed to counteract that. Agony Jul 2015 #33
No surprise. Take away a couple social justice issues and Hillary is a Republican. Scuba Jul 2015 #19
"everything Dubya wanted, but without thinking that gays cause hurricanes" MisterP Jul 2015 #28
Hillary's message changes depending on her audience. Maedhros Jul 2015 #31
Birds of a 1% feather. CharlotteVale Jul 2015 #20
Funny, the Hillary-haters always brag whenever their gun nut GOP neighbors say they like Bernie. DanTex Jul 2015 #23
Most people with guns are law abiding decent people, not "gun nuts" Cheese Sandwich Jul 2015 #24
...and most financial workers decent law abiding people, not "banksters". DanTex Jul 2015 #26
OK if you stop demonizing gun owners then I will stop demonizing Wall Street* Cheese Sandwich Jul 2015 #27
PS. Cheese Sandwich Jul 2015 #29
Hillary is a 1%er. In those realms, political parties don't mean much. n/t Avalux Jul 2015 #30
So much of it just theater. The elite all chill together. Cheese Sandwich Jul 2015 #32

Thinkingabout

(30,058 posts)
1. Good for Hillary, proof she can work with Republicans. When you want good people around you don't
Tue Jul 14, 2015, 10:35 PM
Jul 2015

stop looking in the DNC, look into the GOP.

 

London Lover Man

(371 posts)
14. Think about what you just said.
Tue Jul 14, 2015, 11:16 PM
Jul 2015

I think you need to look at your username, and think about what you just said.

 

Cheese Sandwich

(9,086 posts)
18. Maybe the worst thing about this is the Terry Duffy quote that she used
Wed Jul 15, 2015, 12:14 AM
Jul 2015

It really shows a lack of understanding about what caused the financial crisis in the first place. It wasn't caused by unscrupulous individual decisions. The framework of the system encouraged that behavior. I read that Terry Duffy quote and to me it sounds like an argument that Wall Street needs to do a better job of regulating themselves. And of course hoping for that to happen is somewhere off in unicorn territory.

Agony

(2,605 posts)
21. Gresham’s dynamic in all its glory!
Wed Jul 15, 2015, 09:56 AM
Jul 2015

HRC better acknowledge that the FIRE sector is corrupt, happy with the status quo and needs fundamental (re)regulatory change or she will get run over.


http://neweconomicperspectives.org/2015/02/bank-leaders-condemn.html
"
Bank leaders aren’t worried about their corrupt cultures or endemic frauds – they view their most “significant” risk to be regulatory interventions that might stop their frauds and send them to prison.

“The Financial Services and Energy and Utilities industries rated only one risk – regulatory changes and regulatory scrutiny – as a ‘Significant Impact” risk.’”

Yes, that is precisely our job as financial regulators – providing effective “scrutiny” to break the Gresham’s dynamic caused by elite bank frauds.
"

just let the free market be free and prosperity will rain down upon all…

 

Cheese Sandwich

(9,086 posts)
22. I had to look that up...
Wed Jul 15, 2015, 02:36 PM
Jul 2015

Akerlof wrote: “Dishonest dealings tend to drive honest dealings out of the market. The cost of dishonesty, therefore, lies not only in the amount by which the purchaser is cheated; the cost also must include the loss incurred from driving legitimate business out of existence.” Akerlof posited that Gresham’s Law – or Gresham’s Dynamic as he employed it and called it – wasn’t just related to money; it also applied to all businesses. In essence, businesses run with bad ethics tend to drive those who possess good ethics out of the market.
http://scholarfp.blogspot.com/2014/10/greshams-dynamic-why-bad-actors.html

If we're counting on Wall Street traders to get religion and start being ethical all of a sudden, it's not happening. If that's the cornerstone of some politicians's relationship with financial industry, I don't see how we can trust her to control them.

Agony

(2,605 posts)
33. IOW There are always people willing to cheat. The system has to be designed to counteract that.
Wed Jul 15, 2015, 04:23 PM
Jul 2015

Expecting goodwill to control FIRE sector dishonest behavior equals predictable recurring systemic economic crises. We need real regulation not get out of jail by paying a fine "incentives". Jail… War on FIRE fraud.

Investment Banks, Commercial Banks, Bank Holding Companies, Insurance Companies and Derivatives need to be appropriately (re)regulated, it isn't just about the bad actors.

MisterP

(23,730 posts)
28. "everything Dubya wanted, but without thinking that gays cause hurricanes"
Wed Jul 15, 2015, 02:58 PM
Jul 2015

that second clause is in fact quite important in today's political climate, but the whole sentence is WHY we have today's political climate, with the Dems always treading the Pubs' heels

 

Maedhros

(10,007 posts)
31. Hillary's message changes depending on her audience.
Wed Jul 15, 2015, 03:31 PM
Jul 2015

IMO, those social justice stances are calculated to bring liberals into the herd. It's boilerplate Third Way strategy: pat the liberals on the head and give them a cookie, while filling your war chest from corporate coffers.

DanTex

(20,709 posts)
23. Funny, the Hillary-haters always brag whenever their gun nut GOP neighbors say they like Bernie.
Wed Jul 15, 2015, 02:39 PM
Jul 2015

I guess it's the same old double standard in action. Republicans liking Bernie is good. Republicans liking Hillary is bad.

 

Cheese Sandwich

(9,086 posts)
24. Most people with guns are law abiding decent people, not "gun nuts"
Wed Jul 15, 2015, 02:47 PM
Jul 2015

There should be room in the Democratic party for people who hunt or have guns for self defense. Calling people gun nuts like that just shows you're against all guns.

I would rather make a political alliance with some of the good friendly people with guns, and not make an alliance with the Wall Street crooks who treat the whole economy like their own personal casino.

There are different types of Republicans. You can keep the snakes of Wall Street. I'd rather hang out with the "gun nuts" most of whom are not actually gun nuts at all.

 

Cheese Sandwich

(9,086 posts)
27. OK if you stop demonizing gun owners then I will stop demonizing Wall Street*
Wed Jul 15, 2015, 02:56 PM
Jul 2015

eta:

* just kidding I won't stop. It was only a rhetorical suggestion not serious.

edit 2:

By the way, I don't think Wall Street people are really especially bad. That's one reason why Hillary's comments are disturbing. She's the one saying they need to learn ethics.

It's the system that leads people to behave that way. They need legal controls, at the least. Not an ethics lecture.

edit 3: Why "banksters" is in quotes? I agree that's a weird word, and I've never said it. We should call them by their real job titles or go with more classic insults, but there is no need to invent a new word like "banksters".

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