Such is the pathetic weakness of both progressive and populist elements in the US, that there’s been no organized effort (at all, AFAIK) to demand that both D’s and R’s apologize for doing away with Glass Steagall. If prog and populists were sufficiently organized, they could demand such apologies of all D and R candidates (as representatives of their party, and thus indirectly – not necessarily personally – guilty) as a minimum for not voting in favor of a challenger. I.e., it wouldn’t be sufficient to avoid being the target of an electoral revolt, but it would be required, amongst other demands, to avoid being such a target.

Article here, by Robert Ssheer.

Even Clinton, in a rare moment of honest appraisal of his record, conceded that his signing of the Commodity Futures Modernization Act (CFMA), legalizing those credit default swaps and collateralized debt obligations, was based on bad advice. That advice would have had to come from Summers, his point man pushing the CFMA legislation, which Clinton signed into law during his lame-duck days.
When the British interviewer reminded him of Clinton’s comment, Summers, as is his style, simply bristled: “Again, you make everything so simple, when in fact it’s complicated. Would it have been better if the whole financial reform legislation had passed in 1999, or 1998, or 1992? Yes, of course it would have been better. But … at the time Bill Clinton was president, there essentially were no credit default swaps. So the issue that became a serious problem really wasn’t an issue that was on the horizon.”

That is a lie. Credit default swaps had been sold at least since 1991, and collateralized debt obligations of all sorts quickly became the rage during the Clinton years.

metamars

metamars

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