Sunday, February 07, 2016

the clinton donor machine...,



NYBooks |  The record of the Clinton System raises deep questions about whether a Hillary Clinton presidency would take on the growing political influence of large corporate interests and Wall Street banks. The next president will need to address critical economic and social issues, including the stagnating incomes of the middle class, the tax loopholes that allow hedge-funders and other members of the super-rich to be taxed at lower rates than many average Americans, and the runaway costs of higher education. Above all is the question of further reform of Wall Street and the banking system to prevent a recurrence of the behavior that brought about the Great Recession of 2007-2008.

So far, Hillary Clinton has refused to commit herself to a reintroduction of the Depression-era Glass-Steagall Act, which Bill Clinton allowed to be repealed in 1999 on the advice of Democrats with close ties to Wall Street, including Robert Rubin and Larry Summers. The reintroduction of Glass-Steagall, favored by Bernie Sanders, would prevent banks from speculating in financial derivatives, a leading cause of the 2007-2008 crash. With leading Wall Street banks so prominent in the Clintons’ fundraising streams, can Hillary Clinton be relied upon to reform the banks beyond the modest achievements of the Dodd-Frank bill of 2010?