$15 minimum wage

[mac]

It is somewhat less than inspirational to see the Republicans take responsibility for the effects of their deregulatory fervor, particularly with respect to the deregulation of the energy and banking industries. To be sure, these deregulations were part of Republican theology. The Senate vote to repeal the Glass-Steagall Act was 54-44, with 53 of the 54 votes Republican. I guess the one vote makes it Democratic policy? The House vote was 362-57, with 207 Republicans and 154 Democrats making up the majority.

Those with any comprehension of the American legislative system know that the Senate is where bad bills are usually killed. Clinton was urged to veto the bill by the left wing of the Democratic party, and to sign by the right wing of the Democratic party. He believed that there were enough votes to override any veto. Both parties have cashed in with huge donations from Wall Street.

Those who fail to study the lessons of history are doomed to repeat them. But of course, history doesn't matter to those who just make up their own facts.

[mac]

A little more on the mechanics of how Congress became a wholly owned subsidiary of Wall Street: http://www.ritholtz.com/blog/2012/05/how-we-ended-glass-steagall/

and: