Monday, March 10, 2008

You read it here first

As fallout from the mortgage crisis continues to roil the economy, you have to wonder how long it will take the Obama campaign to pin the blame on former Co-President Hillary Clinton.

Apparently politicians, and the Washington media, are afflicted with a short memory.

It's not that hard to draw a line from the subprime mess back to December 1999, when President Bill Clinton signed banking deregulation into law.

But, oops, there's a problem with this argument--Barack has raised almost as much money from commercial banks as Hillary has.

But, then again, he wasn't around when the law was changed in a way to allow/encourage banks to extend subprime loans and to expand their mortgage business. It was also during the Clinton administration, and under the "oversight" of Clinton appointees to federal banking agencies, that the derivatives business really took off.

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