December 13, 2015

TO BE FAIR, SHE GENUINELY IS A TOOL OF WALL STREET: Hillary’s Wall Street Trust Gap.

Hillary Clinton has an opinion piece in the New York Times on her plans to rein in Wall Street and protect the public from excessive risk-taking. And the most interesting line in it has nothing to do with tax loopholes or Wall Street or inequality or financial regulation at all. “My comprehensive plan has already won praise from progressives like Sherrod Brown and Barney Frank,” she writes, before delving into “what it would do.”

Why all the progressive shout-outs? I do not think it is because Clinton seems to be moving to the left on financial regulation. The plan that she put out in October was already pretty lefty: It imposes a “risk fee” on the largest financial institutions, creates a new high-frequency trading tax, beefs up the Volcker Rule, and on and on. All of that is on top of the existing Dodd-Frank legislation, by the way, which she promises to defend and strengthen.

Rather, it seems to be an attempt to convince the left that she is really on their side. This is a candidate who has racked up millions of dollars in speaking fees from financial firms, along with millions more in campaign contributions. That is to say nothing of the money raked in by her husband. (Or the culpability-by-osmosis many progressives assign to her for the regulatory policy decisions made by Bill’s administration.) All those dollars have left her open to skepticism from progressives and to repeated broadsides from Bernie Sanders, among others. “The truth is, you can’t change a corrupt system by taking its money,” Sanders says in one advertisement, even if he refrains from saying Clinton’s name.

Clinton has thus far not always responded elegantly or convincingly to the charge that she’s on Wall Street’s side.

That’s’ because, as I said, she really is a tool of Wall Street. And she’s not as good a liar as Bill.

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