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Too Big to Fail, Hillary-Style


#1

Too Big to Fail, Hillary-Style

Nomi Prins

As this endless election limps toward its last days, while spiraling into a bizarre duel over vote-rigging accusations, a deep sigh is undoubtedly in order. The entire process has been an emotionally draining, frustration-inducing, rage-inflaming spectacle of repellent form over shallow substance. For many, the third debate evoked fatigue.


#2

I think it's important to remember that while the executive branch influences domestic policy, its purview is still pretty limited as far as creating law. That is the legislative branch's responsibility, and its choices reflect the real corruption that has infected our government. Hillary will be going into office having disgustingly sucked up to the wealthy (she has always been a mealy mouthed sycophant) but her role is still limited by the Constitution.


#3

Nothing that caused the last financial meltdown has been fixed, and the same players are still involved. Hold onto your knickers, this is going to be a bad one.


#4

The reality is things are not the same for Wall Street. Importantly, the Dodd-Frank legislation is now in effect. This legislation tests whether banks or not banks could fail. Yes, there could be another bubble and a collapse but to say nothing has changed is not factual. And it also should be remembered that the main opposition to Wall Street reform is the Republican Party. Dodd-Frank faced Republican opposition. To focus on somebody like Hillary Clinton while ignoring the Republicans is totally absurd.


#5

True, on paper, she has little control on budgeting, but she is in a position to take advantage of the corrupt Congress you have accurately described. She already plans to do so. As president, she will be very much a partner in that corruption. On foreign policy, alone, she knows very well that Congress will rubber-stamp and approve budgeting for the increase in military spending she wants. She's already pledged to increase the Pentagon budget, defeat ISIS, confront Russia, upgrade the nuclear arsenal and more. This will also provide a convenient "we can't afford it" excuse for her not to aggressively push for a $15 an hour minimum wage, college debt relief and more. You're absolutely right, though. Congress is very much the problem, too.


#6

Per the Democratic Leadership Council's (DLC) playbook that the Democratic Party has followed since the 1985 DLC formation, Bill Clinton and Obama used the GOP controlled Congress to give them cover to sign lots of regressive legislation that enriches the 1% at the expense of the 99%. Keeping control of Congress with the GOP when Democrats occupy the White House is a key strategy in the DLC playbook.

Bill complied with the DLC playbook by zealously promoting NAFTA and pressuring freshman Congressional Democrats into voting it in during his first year as POTUS, resulting in many Democrats not voting in 1994, effectively handing control of Congress to the GOP for the first time in FORTY YEARS.

Obama complied with the DLC playbook by unearthing 1990s GOP "health care reform", relabeling it the Affordable Care Act (ACA), pressuring freshman Congressional Democrats to vote it in during his first year as POTUS, resulting in many Democrats not voting in 2010, handing control of Congress to the GOP for the remainder of Obama's POTUS tenure.

Despite the "take back Congress" rhetoric tha Clintons and other Democrats are smothering us with in election 2016, GOP control of Congress is their true goal so Hillary has an endless excuse to further enrich Wall Street at our expense during her 8 years as POTUS.


#7

Jamie Dimon sez: "I hope the next president, she reaches across the aisle."


If that's where the envelope of cash (or Gold in Sacks) is located, then yes, she'll make that reach.


#8

Just like Obama, most of Clinton's domestic travel as POTUS will be not for public appearances but to attend fundraisers in Silicon Valley, Seattle and other tech and power centers where she collects money from her bag men.


#10

We are up S...it creek in a leaky boat. somebody needs to start paddling and patching holes in our financial system. put some muscle in a new Frank/Dodd or Glass/Stegal bill with jail terms. Two strikes and you are out.


#13

And yet, so many "good democrats" will vote for her, because she's the lesser of two evils. I'm not saying we should vote for Trump. I'm only saying we forever fail to take advantage of the opportunity to elect a real candidate for change. So, nothing ever changes. Robert Reich, Michael Moore, the MSNBC gang, CNN's cheerleaders-for-Hillary, and those of you who'll pull the lever for her on election day, need to give yourselves a big pat on the back the morning after her coronation. Well done!


#14

Having read her books and followed her career, there is no writer I have more respect for than Prins. For the past two decades there has been nobody more qualified to be treasury secretary than Prins. She knows where all the suspects hide and where all the bodies are buried and has no hesitation in shining a bright light on them.

That being said, I have two comments on this otherwise exceptional article:

1) While Prins is correct that Clinton will never embrace a revival of Glass-Steagall, she needs to mention that Sanders, Trump and Warren have unequivocally advocated the revival of Glass -Steagall. When Bloomberg News asked what she thought of Trump supporting the revival, Warren's response questioned why anybody would NOT support revival, a response that confirms just how opposed to Main Street and how far outside and mainstream Americans that Clinton is on economic and financial issues.

2) Mentioning that Dodd/Frank and Clinton's track record "have failed to make too-big-to-fail banks any smaller" is the understatement of the week when you consider that the too-big-to-fail banks that controlled 10% of US bank assets when Bill Clinton was elected in 1992, controlled 25% when they crashed the economy in 2008. now control nearly 50% with no end of their march to monopoly in sight.


#15

The "reality is" nothing has changed. Dodd-Frank was written by the banks -- for the banks. Did you miss Wells Fargo debacle a few weeks ago. Corruption is rife in this industry.

It cannot get more ridiculous than Bill Clinton back in the White House: "... the financial crisis might not have happened at all but for the 1999 repeal of the Glass-Steagall law that separated commercial and investment banking for seven decades." Yes, Bill Clinton's repeal of Glass-Steagall led to the worldwide financial collapse. http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis


#16

Clarification: 2010 "Dodd/Frank was written by the" WALL STREET "banks" to give them a competitive advantage over community banks. Since 2010 Wall Street banks' market share has increased from 25% to 50% with community banks' share shrinking 25%.

Although it can be argued that killing Glass-Steagall did not directly contribute to the 2008 meltdwon, indirectly it did contribute, AND it made the meltdown more severe for the 99%, AND it made it easier for Congress to put US taxpayers on the hook for more than $20 trillion in post 2008 bailout schemes for Wall Street, enough money to fund single payer medical insurance for every Murkin for the next decade AND retire every Murkin student's loan debt.


#17

"Politicians regularly act one way publicly and another privately, as Hillary was “outed” for doing by WikiLeaks via its document dump from Clinton campaign manager John Podesta’s hacked email account. Such realities should be treated as neither shockers nor smoking guns. Everybody postures. Everybody lies. Everybody’s two-faced in certain aspects of their lives. Politicians just make a career out of it." Sounds like an apologist to me, hold our leaders to no standards and that is exactly what you get.


#18

The point Prins makes is not condoning or excusing politicians' behavior, just acknowledging the facts and admonishing us to focus on politicians' actions and track records. This article provides an objective litany of action and track records that will make faith based identity voters cringe and rebel, while this article confirms the credibility of writers and voters who vote based on evidence.


#19

I might mention several other incredible personalities that could completely bury the Clinton mentality:
Brooksley Born
Sheila Bair
These are just two more outstanding progressive women who put HC to shame.
But, isn't that the point?
Can't have anybody doing that, now can we?
peace


#20

Thanks for this absolutely excellent article.

"Hillary has crafted her talking points"

There's an article on Hillary "crafting" her foreign policy talking points, from the patriotic Wikileaks emails trove. It's titled Draft of Clinton letter called BDS ‘odious,’ ‘unconscionable’ attack on ‘legitimacy of Zionism’, and it's at Mondoweiss dot net.

A CD message tells me "you cannot post a link to that host". This is insideous. Like Common Dreams, Mondoweiss is one of the most factual and intelligent sources of news and analysis on the internet.


#21

What a disturbing photo - bank executives and elected officials, including then Sen. Hillary Clinton (D-NY), happily and sadistically burying the 99%.


#22

Prins is more familiar with Clinton's financier rather than black-ops-criminal and MIC ties, but this is still a pretty good and appropriately dismal description of the cleaner part of the quadrant, though without the other very important factors.

So what now?

Sanders has led about half of his flock back into a predictably failing attempt to operate within a Democratic Party that has become, with its utter failure to respond to the breakdown of democratic process within its officialdom, a sort of larger Clinton-Soros household. Warren may have some appeal for Prins because of the genuine advantages of her economic insight and sincerity with respect to financial issues, but Warren is more or less another Republican in Democratic clothing in most other spheres. Outside of a minority of Sanders delegates, not one official Democratic voice was raised to object to Clinton's fiat nomination.

There is no reasonable hope within the Democratic Party. It costs us nothing to vote Green, but there is relatively little hope that the Greens be allowed to become an electoral force. We face a tightening and essentially fascistic oligarchy that has been consolidating power and wealth since at least 1980, and more likely, with less smoothness, since 1963. We also face a clearly debilitated and dysfunctional electoral system in which Clinton was nominated by fiat, Trump in part by Clinton campaign money (part of which, you may recall, was to go to local Democratic candidates and was rerouted by the DNC). It is quite possible, but also probably wholly moot, that the November election is rigged as well.

So now what?

If we do not start rocking this boat, it's going over the falls:

  • The stock market is again inflated, and financiers push a Friedmanite bubble
  • The US petrodollar has just been undermined by Russia and China (and why not, one wonders)
  • Extinctions continue apace
  • Global warming accelerates
  • toxicity rises
  • Hundreds of nuclear plants corrode, each and every one.
  • NATO moves east towards war
  • The US is already fighting in over a half-dozen countries at once, not including black ops

There's no point trying to remember and list the rest of it, is there? It should be obvious that safe and moderate options have run out. I do not mean to suggest that good odds lie in desperate and flailing actions, but just that means that we are going to have to talk a bit and coordinate something, and that it must be outside of the electoral arena.


#23

Excellent article. It explains in a beautiful way what we all know: This woman is a corporate woman who will sink the country for the benefit of her friends and donors. Contrary to what her naive supporters believe, she couldn't care less for the every day citizen as is so well stated on the Wikileaks. Her mission in life has been to create power and wealth for her and her family. End of story. God help us all!