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Politics : View from the Center and Left

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To: Dale Baker who wrote (59716)	4/17/2008 2:17:54 PM
From: Katelew	Read Replies (1) of 542418

The financial community assumed papa Bush would receive a second term. When Clinton was elected, there was an immediate push by Enron and its PACS to get the necessary legislation through to deregulate the nat gas market. (The legislation had been forming in the last year of Bush.) Clinton opposed it. The bill sat on his desk awhile....if memory serves it might have been sent back and rewritten. At any rate, Congress was lost to the Rs in 2002 and the dereg bill passed with some modest revisions. Clinton didn't veto. In retrospect, it's clear Clinton should have vetoed. In the climate of the times and not having a crystal ball, his failure to veto was logical enough. But he did recognise the inherent risks of deregulation and was proved right. Enron didn't manipulate the CA market until after Bill was out of office. I think it started around the beginning of 2001 and then the company collapsed about a year later. The financial derivatives that have damaged the credit markets are a recent thing. Their exponential growth didn't occur until 2003. Nothing Bill could do obviously. Don't know if Hillary voiced any concerns or not, but as a Senator there's nothing much she could have realistically done. As far as what moves markets, there's a difference between speculative bubbles and market manipulation. A speculative bubble would be the stock price of an agri company. No interference by any govt. entity should take place with a stock price. Market manipulation has to do with the prices of the commodities themselves. That can and should be investigated. She's talking about the latter. Speculative bubbles like the dot.com one or the RE frenzy aren't vulnerable to manipulation and have to run their course. There's nothing Hillary, Bill or anyone else can or should do about these.

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