Why do leftists call it a "failure of capitalism" when the government doesn't do its job and enforce laws?
Usually when the Democrats are in charge: The Glass-Steagall Act was repealed by the 1999 Gramm-Leach-Bliley banking deregulation act, which passed with overwhelming majorities of both parties in both houses of Congress, then it was eagerly signed into law by Bill Clinton. The 2008 meltdown was attributed directly to this law. Arthur Levitt, Jr. was the longest serving head of the SEC. Do a Google search on him, see what pops up. He was appointed by Clinton in 1993 and again in 1998. He left in 2001, so he covered the entire Clinton administration. Levitt gave Madoff a free pass because they were both members of the Harmonie Club, a social club for the ultra wealthy in NYC. Madoff was first reported to the SEC in 1992: http://www.guardian.co.uk/business/2009/sep/02/bernard-madoff-sec-report Report: Regulator was tipped off about Madoff fraud as early as 1992 "a suspicion of trouble at Madoff Investment Securities arose as early as 1992 when customers of Avellino & Bienes, a fund that invested all its money with Madoff, complained about documents making a seemingly impossible promise of "100%" safe investments. Although the SEC shut down Avellino & Bienes, the agency only made a "brief and very limited" examination of Madoff." Avellino & Bienes was shut down by the SEC in 1993, the year Levitt took charge. Levitt also gave a special exemption to Enron, exempting it from accounting rules. This special exemption led directly to the Enron scam and the subsequent meltdown of the company, which took down a major chunk of the economy with it. It also led to the discovery of similar fraud at many other companies, fraud that got its start in the Clinton years. If I was going to pick one individual who was most responsible for the rampant fraud of the Clinton years, it would have to be Art Levitt. Was that a failure of capitalism, or a failure of the government to do its job?
Asked By: gws35 - 10/17/2010
Best Answer - Chosen by Asker
Because if they can ever convince the American Public that Capitalism is a failure then there would less resistance to their politics of socialism.
Answered By: Mark W - 10/17/2010
Additional Answers (2)
Like few other policy giants of his generation, Mr. Volcker has been a pivotal figure in the regulatory universe for decades, and as he looks back at his long, storied career he confesses to some regrets, in particular for failing to speak out more forcefully about the dangers of a seismic wave of financial... More
Answered By: scottso360 - 10/17/2010
Don't bother with facts, liberals don't like that. What they like is looking at the previous administration and blindly blaming it for everything.
Answered By: Johnny on the Spot - 10/17/2010
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