Here we go again. According to a piece in Politico Magazine former Secretary of State and likely 2016 presidential candidate Hillary Clinton had some harsh words related to progressives in her $400,000 speeches for Goldman Sachs and friends. Clinton decided to use her speaking opportunity before the super rich to attack those criticizing Wall Street and its numerous criminal practices.
Ordinarily these masters of the universe might have groaned at the idea of a politician taking the microphone…
But Clinton offered a message that the collected plutocrats found reassuring, according to accounts offered by several attendees, declaring that the banker-bashing so popular within both political parties was unproductive and indeed foolish.
Foolish, as in you don’t get paid $400,000 for saying it? Why criticize Goldman Sachs when you can get paid $400,000 for talking to them the way they like?
Striking a soothing note on the global financial crisis, she told the audience, in effect: We all got into this mess together, and we’re all going to have to work together to get out of it. What the bankers heard her to say was just what they would hope for from a prospective presidential candidate: Beating up the finance industry isn’t going to improve the economy—it needs to stop.
It seems Wall Street has found its candidate, not surprising given that Bill Clinton did more to deregulate Wall Street than Ronald Reagan. It was President Clinton after all who pushed for breaking Glass-Steagall and fired his own CFTC Commissioner, Brooksley Born, to help ensure derivatives were not regulated. The 2008 financial crisis could appropriately be called the Clinton Crash.
Not surprisingly Clinton’s point man on deregulating Wall Street was a former CEO of Goldman Sachs, Robert Rubin.
And now Hillary is signaling a return to the good old days for Wall Street after taking $400,000 of their money. Can we afford a second Clinton Crash?
Photo by US Department of State under public domain.