Bill Clinton: Profiled People in Economics and Banking

ByPrimary Researcher

Executive Summary

  • Clinton was a tool of private banking interests and removed Glass Steagall protections.

Introduction

Clinton was highly compliant to private banking interests a contribute to both private banking and neoliberal interests. Clinton repealed Glass Steagall, which put a barrier between commercial and investment banking. He passed NAFTA and adding China to the US Most Favored Nation status forcing increased labor competition on US workers. He passed the Telecommmunications Act, which allowed for even more media concentration. Clinton was so beholden to private banking interests that his wife, Hillary Clinton chose to move run for the Senate in New York after his presidency. Hillary Clinton could have moved to any state to become senator, and had no background in, and had never lived in New York prior to leaving the White House. Why did Hillary Clinton pick New York of all states to run for the Senate? The question answers itself. How Clinton severely increased corruption in government procurement is covered in the following quotation.

“In the 1990s, however, Bill Clinton’s “Reinventing Government” initiative killed the public capacity Roosevelt had constructed. Clinton encouraged the big prime defense contractors to merge, shrinking them from over 100 to just 5 firms. Clinton’s procurement initiative, led by Steve Kelman, invented a whole new vocabulary for ways to let contractors steal. The details get complex, but the gist was a ‘light touch’ approach to negotiating by the government. Procurement officers stopped making hard-nosed demands for better prices, and were stripped of the ability to look at the books of the contractors to make sure there weren’t excess profits. Government began using a new set of contracts to get rid of competition and negotiating in contracting; today, agencies can just order stuff from pre-approved contractors without doing much negotiating. Procurement officers don’t have to write a full-blown solicitation with clear specifications, and contractors no longer have to put together a real proposal. There’s very little competition in any of it. And contractors are eager to make the system even worse, with some asking for Biden to stop requiring them to list any prices at all when selling to the government. If you half-ass an initial proposal, the cost will explode when you’ve built half of it, and find out you’ve built it wrong. This problem is pervasive throughout America; New York City, for instance, is on the verge of collapse, and infrastructure costs in the U.S. are laughably expensive.” – Matt Stoller

Source: Matt Stoller

https://mattstoller.substack.com/p/keep-mckinsey-away-from-bidens-infrastructure