Economic landscape doesn't affect campaign promises

By JONATHAN WEISMAN AND SHAILAGH MURRAY
The Washington Post

Obama said McCain "has fought time and time again against the common-sense rules of the road that could've prevented this crisis," neglecting to mention that his new brain trust on the crisis includes two Clinton administration Treasury secretaries, Robert E. Rubin and Lawrence H. Summers, who helped negotiate the deregulation of the financial services industries in 1999.

In an interview on Friday, Rubin said the law, named after its now-retired congressional sponsors -- Phil Gramm (Texas), a top McCain economic adviser; Jim Leach (Iowa), who heads Republicans for Obama; and Thomas J. Bliley Jr. (Va.) -- "had no impact, zero," on the current crisis.


Gramm-Leach-Bliley Act Only Became Law Because Then-Treasury Secretary Robert Rubin Urged President Clinton To Sign The Legislation. "[T]he Gramm-Leach-Bliley Act ... only became law when Treasury Secretary Robert Rubin prevailed upon President Clinton to sign the bill." (Robert Scheer, Op-Ed, "Candidates Seek Banking 'Expertise' We Don't Need,"
---San Gabriel Valley[CA] Tribune, 8/3/08)

-- "The Bill's Immediate Major Effect Was To Legitimatize The
Long-Sought Merger Between Citibank And Insurance Giant Travelers."
(Robert Scheer, Op-Ed, "Candidates Seek Banking
'Expertise' We Don't Need,"
------------------------San Gabriel Valley[CA]
Tribune, 8/3/08)