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OpEdNews Op Eds    H2'ed 10/18/15

Rolling Stone: Hillary Clinton's take on banks won't hold up

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Reprinted from www.dailykos.com by VL Baker

CNN Democratic Debate Bernie and Hillary
CNN Democratic Debate Bernie and Hillary
(Image by The Young Turks, Channel: TheYoungTurks)
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Hillary Clinton is pushing an idea that the banks weren't responsible for the 2008 crash. Haha

Matt Taibbi at Rolling Stone writes that Hillary is "counting on America's ignorance about the 2008 crash".

At the Democratic Debate, Anderson Cooper asked a question about how to curb the excesses of Wall St. Here is what Hillary said:

"Well, my plan is more comprehensive. And, frankly, it's tougher because of course we have to deal with the problem that the banks are still too big to fail. We can never let the American taxpayer and middle-class families ever have to bail out the kind of speculative behavior that we saw. But we also have to worry about some of the other players: AIG, a big insurance company; Lehman Brothers, an investment bank. There's this whole area called 'shadow banking.' That's where the experts tell me the next potential problem could come from."

Here Hillary tries to get the banks off the hook and make you look at that shiny object out in the distance. It's clear she has no intention of reinstating Glass-Steagall or of trying to curb the financial sector's abuses.

Hillary, like her close advisor Barney Frank, has been pushing an idea that banks aren't at the root of any financial instability problem. Last night, she pointed a finger instead at "shadow banking," non-bank actors like AIG, and a dead investment bank in Lehman Brothers. (Interesting she didn't mention a still-viable investment bank like Goldman, Sachs, which has hosted her expensive speaking engagements.)

This squeamishness about criticizing banks is laughable to people in the industry. But of course, that's probably the point -- that the average voter won't know how absurd and desperate it is to point to faceless "shadow" financiers as villains when the real bad guys are famed mega-firms that are right out in the open, with their names plastered all over every second city block.

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