Mad Scientist
Feels Good!
- Sep 15, 2008
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You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial Crisis
Proximate cause - Wikipedia, the free encyclopedia
And that means Obama doesn't believe it either because he nominated him!
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial Crisis
Let's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!