Robert Reich: Selling the Store: Why Dems Shouldn’t Put Social Security and Medicare on the Table

[ProSense]

20. Interesting.

It was Bill Clinton, after all, who pushed for repeal of Glass-Steagall, championed the North American Free Trade Act and the World Trade Organization without adequate safeguards for American jobs, and rented out the Lincoln Bedroom to a steady stream of rich executives.

And it was Barack Obama who continued George W. Bush’s Wall Street bailout with no strings attached; pushed a watered-down “Volcker Rule” (still delayed) rather than renew Glass-Steagall; failed to prosecute a single Wall Street executive or bank because, according to his Attorney General, Wall Street is just too big to jail; and permanently enshrined the Bush tax cuts for all but the top 2 percent.

Reich resorts to the BS about bailouts, when the Wall Street reform law repealed about 45 percent of the bailout funds.

Also, how on earth does repealing Glass-Steagall (deregulation) equate with Wall Street reform (regulation), which despite Reich's characterization, is a significant law under the threat of constant repeal and watering down: http://www.democraticunderground.com/10022539673

"The road to hell is paved with these bills," said Rep. Alan Grayson (D-Fla.), an advocate of financial reform...The House Agriculture Committee will mark up several derivatives bills on Wednesday despite opposition from a coalition of public interest and consumer advocacy groups known as Americans for Financial Reform. The effort to weaken regulation...comes less than three years after the Dodd-Frank Wall Street reform legislation, signed into law by President Barack Obama in 2010, set a host of new standards for the derivatives business, including heightened transparency and reduced taxpayer support.

...Levin expressed exasperation at the House efforts. "Last year, some members of Congress supported watering down Dodd-Frank derivative safeguards, but abandoned those efforts after the world learned that JPMorgan Chase had lost billions of dollars on derivative trades made out of its London office," Levin said. "It is incredible that less than a week after new JPMorgan Whale hearings detailed how the bank's London office piled up risk, hid losses, and dodged regulatory oversight, that some House members are again supporting the weakening of derivative safeguards."

Reich appears to be trying to lump Obama in with Clinton to excuse away his go-along with those policies at the time. There is no equating the two based on the examples he cites.

The health care law was also a big deal, expanding the safety net and addressing inequality. http://www.democraticunderground.com/10022552023