Bill Clinton's Blind Spot on Deregulation
Bill Clinton's interview provoked Wallace Turbeville, a former lawyer and investment banker turned financial reform advocate, to contradict him.
"His statement is flat wrong," Turbeville wrote in a blog post for the liberal think tank Demos. "The Graham-Leach-Bliley Act that President Clinton signed had everything to do with the crisis."
He rejected Clinton's argument that because "unified banks" – those combining commercial and investment banking after deregulation – fared better in the crisis than firms that remained focused on investment banking, the repeal of Glass-Steagall was not detrimental.
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