In recent days, Hillary Clinton tried to establish her bona fides with liberals by attacking both Wall Street and the Trans-Pacific Partnership (TPP). It didn’t work. Time and again, Clinton has revealed her willingness to place political expediency ahead of this measly thing called “honesty.”
Hillary Clinton’s Long List of Scandals
Clinton is all too comfortable with shading the truth, a habit that has actually cost her more than it’s gained. In 2008, Clinton tried to rally her super-delegates to challenge Barack Obama’s victory in the Democratic primary. Not only was that a sketchy move, but she also failed. (Source: The Atlantic, October 8, 2015.)
While working as Obama’s Secretary of State, Hillary was ordered not to hire Sidney Blumenthal, a longtime advisor to the Clintons. She found a loophole by hiring him to the Clinton Foundation and seeking his advice through her personal e-mails.
And finally, there’s the recent scandal over her e-mail servers.
All of these scenarios illustrate a common streak of moral relativism in Clinton, a sort of the-ends-justify-the-means mentality. Hillary Clinton is everything that’s wrong with Washington, D.C.
Now, her attacks on Wall Street and the Trans-Pacific Partnership prove how fake she really is.
Hillary Clinton: The Bankers’ Politician
Let’s remember that Hillary Clinton is the consummate Washington insider. Four of her top five political contributors are major American banks. She is the bankers’ politician.
To date, she’s received $376,309,659 in funds from a range of corporate donors. Those numbers don’t even include the money raised in her name through super-political action committees, or super-PACs. (Source: OpenSecrets.org, last accessed October 9, 2015.)
Before the end of the 2016 election cycle, her donation total will hit the billions. Yet Clinton is now calling for the closing of loopholes in Obama’s financial reform bill, the Dodd-Frank Act of 2010. Is she for real?
Clinton’s proposal is a fee on bank liabilities to limit the amount of risk-taking in financial institutions. The fee would curb the kind of short-term funding banks often use, forcing them to seek equity financing instead. She wants a tax on bank debt. (Source: Wall Street Journal, October 8, 2015.)
She even proposed raising the required capital ratios to make sure the banks would actually transition to long-term financing. At best, the “liability fee” idea can be described as a semi-market-oriented fix to excessive risk in the banking sector.
The hope is that enough long-term capital makes risk-taking unpalatable. Having more equity theoretically means shareholders would be more inclined to be careful because they’re paying with other people’s money. Ha!
The logic underlying this proposal is laughable to anyone who understands Wall Street culture. Excessive risk-taking won’t stop just because bankers are playing with shareholder money as opposed to short-term debt. Bankers know they’re too big to fail. The moral hazard of Wall Street can’t be undone by half-measures like a “liquidity fee,” and Hillary Clinton knows it.
Why Hillary Clinton Bashed the TPP
As someone who closely follows the political process, Hillary Clinton’s opposition to the Trans-Pacific Partnership boggles my mind. To put her hypocrisy in plain terms, she was for the TPP before she was against it.
Clinton focused her criticism on two particular aspects of the deal: its favorability to pharmaceutical companies and its inability to prevent a currency war. Wait, aren’t those the exact criticisms liberals were making about the TPP? What a shocking coincidence!
Whether or not you agree with liberals is irrelevant. What’s important to note is that Hillary Clinton does not care for the debate. She is a political chameleon, willing to morph with the political climate.
Her eagerness to disregard the political process should worry us all. After all, we may be calling her Madame President before long.