[Liz]

Will Bwaney Fwank finally get it? May take a few years (/snix).

BWANEY FWANK Sept 11, 2003: "Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

FRANK AFTER THE MARKET DELUGE “The conservative philosophy of deregulation that was dominant for far too long allowed private businesses to make terrible mistakes,” said Frank (became chairman of the Financial Services Committee in 2006).

But, but President Clinton is the one who signed the dereg legislation (passed by the Senate 98-0), and Clinton’s then-Treasury Secy, Robert Rubin---(a top Obama economic adviser who recently ousted from his perch at Citibank with $250 million severance-----approved.

NOTE Under Secretary of the Treasury for International Affairs from 1999-2001 under Secretaries Robert Rubin and Lawrence Summers was---drum roll please----Turbo Timmy Geithner..

[dennisw]

Rubin, Greenspan & Summers

Feb. 15, 1999

FRom back when ever Freepers read Time magazine

[CutePuppy]

Clinton Team Should Have Done More on Derivatives, Gensler Says - BL, 2010 May 01, by Phil Mattingly

Commodity Futures Trading Commission Chairman Gary Gensler said President Bill Clinton’s administration “ought to have done more” in regulating the derivatives market “to protect the American public.”

“Looking back now, knowing what we know now -- and a lot has developed over the last 10 years -- I think we ought to have done more,” Gensler said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff,” airing this weekend. “Some of the basic assumptions about these marketplaces have proved out to be wrong.”

Gensler was part of the Treasury Department from 1997 to 2001, a period when Secretary Robert Rubin and his successor, Lawrence Summers, along with Federal Reserve Chairman Alan Greenspan, pushed to keep derivatives markets outside the scope of federal regulators. .....

..... Gensler, whose last Treasury post was undersecretary of domestic finance. He added that he didn’t participate in the first year of the debate because of his recent arrival from Goldman Sachs Group Inc.