Incorporating the The Germantown Chronicle & The Northwest Independent

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Mum on Clinton, Sanford Weill and Glass Steagall

I am on the record a while back taking the position that if the Republicans ran too many candidates in the presidential primary, the Democrats ran too few, and narrowed the field far too soon. The whole process on the Democratic side had already been worked out and Bernie Sanders, the socialist from Vermont, was just a stalking horse for Hillary from the outset. Everyone in the hierarchy knew he was only serving a purpose and orders from the top were it was to be Queen Hillary and the democratic process would have no place in moving her to election. In fact, I believe she is Wall Street’s choice and always has been. If that is the case, then why has Bernie not made that the centerpiece of his campaign, for it is a very easy case to make.
Sure, Bernie rants about Wall Street power and influence, talks about how the U.S. Congress shut down the financial controls of the Glass-Steagall Act and let that cabal of brokers, bankers and insurance types run wild. Well, there is plenty of truth there, but he stops way short of telling the whole story, and so does long time hand wringer Elizabeth Warren, the ever-crusading goody-two-shoes left winger who wants controls reinstated sooner rather than later.
Now, before I go any further, I have been on the record since November, 1999, that what was done to emasculate Glass Steagall was not in the best interest of this country, its citizens, or the world economy. But if we are going to make the case, let’s make the entire case and get it out front now before the general election rhetoric gets started.
The Act in my view was the most important piece of legislation in renewing confidence in our monetary and banking system the New Deal ever passed, and I believe some form of that kind of oversight is necessary in a free market capitalist economy. In short, it banned joint operations between bankers controlling the public’s savings, brokers and investment bankers/speculators, and big insurance; that actually controls more money than the bankers. Once it passed in 1933, banks reopened but they could not even be located in the same physical building with stockbrokers or insurance companies, lest an uninformed public be misled.
The booming economy post World War II saw some of those restrictions modulated, but not until November, 1999, did the U.S. Government pass legislation that for all practical purposes put the Act in a coffin and buried it. Who was the highest level proponent behind the death of Glass-Steagall? That would be President William Clinton, Hillary’s part-time husband.
Don’t take my word for it. Read the linked summary research where the most powerful and influential banking lobbyist, Sanford Weill, infiltrated the administration by having his Major Domo, Suede Shoe Robert Rubin, former bond salesman appointed Secretary of the Treasury, and in effect the “inside lobbyist” for the deconstruction of the Act.
I remember watching him on the Sunday news shows always starting out with “President Clinton supports” — then some fast talk about finance that always wound its way to dismantling some hurdle to Joe and Jane citizen benefitting from Wall Street. You see, it was Clinton’s inside deal for Weill that got it all done. Sure, the Republicans in Congress supported the Graham-Leech Billey Act that drove a stake through Glass-Steagall, setting in place an avalanche of rapacious and falsified investment schemes while dismantling many Treasury Department regulations that bilked many old ladies out of their life savings. But it was underwritten and supported from the outset by President Clinton and he was bought with the money from Citibank Chairman Sanford Weill. It was reported at the time that after the bill was singed on the President’s desk, Weill asked his pal Rubin for the pen that Clinton used. Rubin retrieved it and was quoted handing it to him saying: “You just bought the U.S. Government.”  
Let none of us forget this was a Democratic administration he was buying, and buy it he did — for Wall Street went wild and the size and power it amassed from that day to 2008 has been the justification for using public money to bail them out as “Too Big To Fail.”
The dog and pony show that is the Hillary-Bernie race is just that, and inside the Democratic Party it was known early that no one dare interfere with this arrangement. Wall Street knows that they already own Hillary, so why take a chance with a maverick idealistic Republican or a wild man who knows their gangster tactics, like Donald Trump.
If Bernie was an honest man, and really believed all that he says with his twisted Yankee version of Democratic Socialism (there is no such thing as Democratic Socialism), he would have been making the case all along that it was Bill Clinton, the husband of his opposition, who did the public real dirty a few years back with a high level inside deal, and that she is very much still on that payroll.

Jim Foster