The Blog @ Spolitics

Is Obama Lying or Ignorant?

We’ve touched on Senator Obama’s attempts to blame the current financial crisis on Gramm-Leach-Bliley before. Now the Journal and Bill Clinton weigh in and neither are buying Obama’s arguments. According to Clinton:

“I don’t see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn’t signed that bill.”

It’s clear to almost everyone but Congressional Democrats where the problem lies and the fact that Obama refuses to see this should call either his honesty or his understanding of the economy into serious question. Here’s how the Journal put it:

Mr. Obama’s “deregulation” trope may be good politics, but it’s bad history and is dangerous if he really believes it. The U.S. is going to need a stable, innovative financial system after this panic ends, and we won’t get that if Mr. Obama and his media chorus think the answer is to return to Depression-era rules amid global financial competition. Perhaps the Senator should ask the former President for a briefing.