Reuters: A longtime political adviser to Hillary Clinton last year urged her presidential campaign to support a new version of a law that separated commercial and investment banking to avoid antagonizing the Democratic Party’s progressive wing, according to emails published by Wikileaks on Monday.
Mandy Grunwald, an outside adviser to Clinton, urged Clinton’s policy team in October 2015, just days before a Wall Street policy rollout, to consider endorsing a new version of the Glass-Steagall Act, according to an email reviewed by Reuters.
The Glass-Steagall Act was a Depression-era law that prohibited commercial banks from engaging in risky trading activities. The 1933 law was repealed in 1999 during the presidency of Bill Clinton when he passed legislation removing barriers between commercial banks, investment banks and insurance companies.
Many Democratic activists believe that reinstating the Glass-Steagall law and breaking up large financial institutions would help prevent future financial crises such as the one that rocked the U.S. economy in 2008.
Grunwald said if Clinton did not back a new Glass-Steagall, she risked alienating liberal U.S. Senator Elizabeth Warren of Massachusetts, an outspoken critic of Wall Street who is popular in the left wing of the Democratic Party. MORE
Well while she hemmed and hawed about what to do about reintroducing a new Glass-Steagall, Trump has been saying for months that he was definitely going to do it. She’s worried about the political downsides and how her too big to fail buds will have to be told, yaknow, on the down low, that it’s just her “public” opinion.
It’s the difference between a bought off whore and a leader.
So was it Booosch or Clintoon that created the 2008 depression?
GWB wasn’t smart enough.
if we had an honest media clinton would be remembered for destroying Reagans economic environment left to him not for “creating it” as it stands now.
revisionist history sucks.
The big investment firms should be wondering which ‘position’ Hillary is using on them. The private or public position. And which one is the lie (both are, I suspect).
I wish you hadn’t used “Hillary” and “position” in the same sentence. I just ate.