Bill Clinton does a little artful doge when asked about the Glass Steagall Act he repealed. He goes, 'Oh! You can't trace a single SPECIFIC instance that this bill's repeal caused the financial crisis'. It's like when he said 'read my lips, I did not have sexual relations with that woman'. Something like that. The fact that his boys did a good deal of the legwork leading to the eventual repeal of the Glass Steagal Act is ignored. But then, he's a documented liar, it's not his job to tell the truth. He does his job (lying) just fine.
A look at Bill Clinton's artful dodge with some so so research by Politifact (somehow they miss what a big push for deregulation Bill made and somehow Politifact has no way to measure artful dodges in their fact checks which seems rather primitive);
Congress passed Glass-Steagall in 1933, in the wake of the 1929 stock market crash that led to the Great Depression. The law kept commercial banks (where customers deposit money and take out loans) separate from investment firms (which hold securities and make investments) -- more colloquially, the law separated Main Street from Wall Street.
The simple reality is that making it easier for banks to take deposits and use it however they please is bad for consumers and good for rich people who own the banks. The simple reality is that the whole regulatory scheme Bill Clinton pushed with his fiction inspired economics leader was aimed to NOT protect the avergae consumer. Or said another way, it was designed to help the few at the cost of the many... if that became necessary (bailout)... 'but these rich guys we are helping give us speaking fees etc I'm sure they won't get corrupted by having no regulations on proper procedure to obey.' Despite history proving otherwise, again and again.
But lets stop here and look at the crazy guy Bill Clinton was taking advice from... a guy who decided that a failed fiction writer (success after death for a fiction writer isn't success at all) and her crazy economic ideas from her fiction books was the way to go in structuring the economy. Afterall, she believed that the rich should help themselves and Alan Greenspan and Bill are rich... so they helped themselves.
What happened? The American people gave the Congress to a group of very conservative Republicans. When they passed bills with the veto proof majority with a lot of Democrats voting for it, that I couldn’t stop, all of a sudden we turn out to be maniacal deregulators. I mean, come on. I know Senator Warren said the other day, admitted when she introduced a bill to reinstate the division between commercial and investment banks, she admitted that the repeal of Glass-Steagall did not cause one single solitary financial institution to fail.
We had a nation of laws for everyone till the Republicans started following a fiction writer called Ayn Rand and decided to make policy based on the ideas of a fiction writer with no degrees or knowledge of anything. Alan Greenspan, specifically, decided (for an unknown reason) that throwing out decades of economic history & science and adopting the idealized 'wars between rich people' view of a fiction writer that spent the last days of her life on government support after escaping communist Russia, was the way to go. It's clear Ayn Rand believed rich rulers was a fine idea but that these rulers should be businessmen. I can see how this would appeal to someone who is rich and a businessman with hands in the government. Despite Alan Greenspan being wrong about Ayn Rand's fictional economic ideas, none of his rich buddies got hurt by the financial collapse of 2008... which was a miracle in and of itself.
First, a debunking of the fictional economics ideas of Ayn Rand (shouldn't be necessary for anyone with any education);
Next, the look at the madness that fueled the bad decision made by Alan Greenspan and Bill Clinton by enabling the GOP to destroy the economy and many citizens lives. What was thier logic? Business men are honest! Clearly, they didn't think laws have anything to do with business decisions. This belief despite the fact that millions died in slavery and people were treated awfully.
PBS: The Warning: Long before the meltdown, one woman tried to warn about a threat to the financial system;
Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place. President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.
Video: George Bush Explains The Reasoning Behind The Housing Bubble