Thursday, August 6, 2020
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Sometimes Politics IS Having to Say You’re Sorry

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This week former President Bill Clinton took an unusual step.  He admitted he should not have listened to Robert Rubin and Larry Summers on the subject of deregulating derivatives.  In an interview with Jake Tapper, Bill Clinton said:


"On derivatives, yeah I think they were wrong and I think I was wrong to take [their advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don't need any extra protection, and any extra transparency. The money they're putting up guarantees them transparency," Clinton told me.
"And the flaw in that argument," Clinton added, "was that first of all sometimes people with a lot of money make stupid decisions and make it without transparency."
 The statement was poorly timed (way too late), though refreshing.  This is especially so given the Bushies' incessant and ridiculous rants about how they (and no one else) are correct about--well, everything.  The extent of their embrace of deregulation and hands-off oversight was without precedent.