NewburyportNews.com, Newburyport, MA

Opinion

May 12, 2014

A look at what others are saying

(Continued)

While America is markedly more diverse and secular than it was in Washington’s day, we should strive to emulate his support for religious liberty and to give no sanction to bigotry. Surely, as free people of good will, we can do that without eradicating the freedom to express religious ideas and without banishing prayer from public life.

— The Providence (R.I.) Journal

The Clinton Library has released a nine-page written document describing an April 18, 1998, meeting to discuss the regulation of “privately traded derivatives such as swap contracts.”

Several bigwigs on President Bill Clinton’s economic team were at the meeting: Robert Rubin, Clinton’s treasury secretary; Larry Summers, Rubin’s deputy; and Alan Greenspan, head of the Federal Reserve Board.

The lone woman at the meeting, Brooksley Born, the chairwoman of the Commodity Futures Trading Commission, warned her colleagues that these privately traded contracts needed to be regulated or disaster might occur.

Of course, the three free-market advocates disagreed and refused to endorse Born’s suggestion.

As history has shown — to the chagrin of us all — Born was right.

Clinton’s signing of the Commodity Futures Modernization Act of 2000, which exempted most over-the-counter derivatives from regulation, was one of the major mistakes that led to the bust of 2008.

Clinton later admitted that he should not have taken the advice of his economic team and signed the bill.

Those who have memorialized the Clinton presidency should rethink its economic results. The free-market thinking that pervaded Clinton’s team — which idealized Rubin because of his great Wall Street success — threw us into an economic maelstrom from which we are still attempting to recover. Be wary of these free-market, anti-regulation economists of either party.

Hopefully, Hillary Clinton will benefit from the mistakes of her husband if she makes what seems to be her inevitable decision to run for the presidency.

— The Journal Inquirer of Manchester, Conn.

Text Only | Photo Reprints

NDN Video
Weird 'Wakudoki' Dance Launches Promotional Competition Two women barely avoid being hit by train Chris Pratt Adorably Surprises Kids at a 'Guardians of the Galaxy' Screening Chapter Two: Designing for Naomi Watts NOW TRENDING: Peyton Manning dancing at practice "The Bachelorette" Makes Her Decision Thieves pick the wrong gas station to rob Golden Sisters on '50 Shades' trailer: 'Look At That Chest!' Staten Island Man's Emotional Dunk Over NYPD Car - @TheBuzzeronFOX GMA: Dog passes out from excitment to see owner Baseball Hall of Famers Inducted 'Hunger Games: Mockingjay Part 1' Sneak Peek Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth
Special Features
NRA Waterfront Plans