The Telecommunications Act of 1996 had solid Democratic backing as did the Financial Services Modernization Act of 1999. The communications bill authorized a massive giveaway of public airwaves to big business and ended the ban on cross ownership of media. The resultant concentration of ownership hastened the rise of hate radio and demise of local news and public affairs programming across America. As for the “modernization” of financial services, suffice to say its effect proved even more devastating. Clinton signed and still defends both bills with seeming enthusiasm. The Telecommunications Act subverted anti-trust principles traceable to Wilson. The financial services bill gutted Glass-Steagall, FDR’s historic banking reform. You’d think such reversals would spark intra-party debate but Democrats made barely a peep. Obama’s economic appointees are the most conservative of any Democratic president since Grover Cleveland but few Democrats seem to notice, or if they notice, to care. To banks Roosevelt offered only reform; financial help went to customers whose bad mortgages he bought up and whose savings he insured. By buying into Bush’s bailout, Obama co-signed the biggest check ever cut by a government, made out to the culprits, not the victims.
Posted on: Tue, 29 Jul 2014 03:33:49 +0000
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