Wednesday, August 4, 2010

All In The Family

From Robert Scheer on Truthdig.com:

Out of respect for privacy, even concerning famous people, I wasn’t going to write about the marriage of Chelsea Clinton to a Goldman Sachs alum and budding hedge-fund hustler with the resources to buy a $4 million loft so soon after graduating from Stanford. Hopefully Marc Mezvinsky won’t follow in the footsteps of his financier father, “Fast-Talkin’ Eddie,” as they called him back in Iowa, a former Democratic House member who just completed a five-year federal sentence for dozens of fraud felonies.
Anyway, Chelsea also worked at a hedge fund, her mother dabbled in banking shenanigans in her Whitewater days and father Bill’s radical deregulation made it a lot easier for financial plunderers to stay on the right side of the law. So the Clintons and the Mezvinskys have a lot in common. I hope their children will do better, and I was going to simply wish them well until I read Tina Brown’s paean to power, “Why America Needed Chelsea’s Wedding,” in the trend-chasing Daily Beast, which she edits.
It was then that I realized that the revival of the Clinton legacy was on in earnest. Brown, a prominent Brit import, is an expert on refurbishing tarnished royalty, as she demonstrated with her gushing tribute to the Clinton wedding as “a happy throwback to the carefree 1990s.” So carefree that no one of importance, certainly not in the Clinton White House, took serious stock of the collapse of hedge funds like Long-Term Capital Management, a harbinger of disasters to come.
In what I assume was not self-parody, Brown stated that “the Clintons are enjoying political rosy-glow syndrome. In the light of what’s happened since—two grueling wars, the implosion of debt, 14 million unemployed … Chelsea’s wedding allowed us to remember all that prosperity, those continuous Clinton surpluses.” But not, as I the party pooper must add, the Financial Services Modernization Act and the Commodity Futures Modernization Act, which enabled the financial bubble that caused those 14 million to be unemployed.

It's all here.



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