06/28/2009 05:12 am ET | Updated May 25, 2011

Financial Crisis: Clinton's Role

I think Bill Clinton makes a persuasive case that it was what he didn't do, rather than what did do, that contributed to the financial crisis. There aren't very compelling arguments out there that repealing the Glass-Steagall Act -- the law that separated commercial and investment banking -- contributed much to the crisis. Some, in fact, say it did the opposite, as it allowed commercial banks to help stabilize the system by buying investment banks, as happened when J.P. Morgan acquired Bear Stearns.

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