Since the financial industry collapse two years ago, dishonest media outlets and their employees have continually blamed George W. Bush for the implosion that occurred in the fall of 2008 as well as the resulting recession.
NewsBusters has regularly pushed back on this historically inaccurate premise specifically pointing to two crucial pieces of legislation signed into law by former President Bill Clinton.
On Wednesday, a contributor to the Huffington Post - who is also the editor of the website TruthDig - published an article confirming what NewsBusters has been claiming, doing so in a fashion that must have shocked the economically ignorant proprietor of this perilously liberal online "news" outlet:
Since the collapse happened on the watch of President George W. Bush at the end of two full terms in office, many in the Democratic Party were only too eager to blame his administration. Yet while Bush did nothing to remedy the problem, and his response was to simply reward the culprits, the roots of this disaster go back much further, to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of "liberal" President Clinton. Yes, Clinton. And if this debacle needs a name, it should most properly be called "the Clinton bubble," as difficult as it may be to accept for those of us who voted for him.
Clinton, being a smart person and an astute politician, did not use old ideological arguments to do away with New Deal restrictions on the banking system, which had been in place ever since the Great Depression threatened the survival of capitalism. His were the words of technocrats, arguing that modern technology, globalization, and the increased sophistication of traders meant the old concerns and restrictions were outdated. By "modernizing" the economy, so the promise went, we would free powerful creative energies and create new wealth for a broad spectrum of Americans -- not to mention boosting the Democratic Party enormously, both politically and financially.