Robert Reich: Both Greenspan and Rubin are deficit hawks. So was Herbert Hoover and so was Hoover’s Treasury Secretary Andrew Mellon. And look what Hoover and Mellon got us into. When we least need him, Hoover is being exhumed.
Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.
Joseph Palermo: We can call the 2000s the “Worse Than Zero” decade or the “Big Zero,” or anything we wish, but what characterized it most for me was the near total control of corporations, especially over our civic institutions. All of the terrible economic and governing ideas from the Reagan era crested and then crashed in the last eighteen months leaving something far less than “zero” in their wake.