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Sunday, April 25, 2010
Sheppard Blames Clinton, Ignores Republicans
Topic: NewsBusters

In an April 24 NewsBusters post, Noel Sheppard touted a Wall Street Journal columnist who blamed Bill Clinton for the financial crisis because he, "as NewsBusters has been reporting almost since the crash began," had "signed into law two key bills -- the Financial Services Modernization Act of 1999 and the Commodity Futures Modernization Act of 2000 -- that ushered in the malfeasance that almost toppled the world economy."

The WSJ column is behind a pay wall so we can't look at it, but  Sheppard curiously didn't mention who controlled Congress at the time (you know, the Republicans) or who introduced those bills he cited.

The Financial Services Modernization Act of 1999 is better known as the Gramm-Leach-Bliley Act for the three Republican congressmen who were the primary sponsors --Phil Gramm, Jim Leach, and Thomas Bliley. And Gramm was also behind the Commodity Futures Modernization Act of 2000; specifically, he demanded that it be expanded to include prohibitions on federal regulation of derivatives.

Gee, why wouldn't Sheppard want his readers to know this relevant information?


Posted by Terry K. at 12:51 AM EDT

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