It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
With all the flak that Hillary Clinton has been getting about being too close to Wall Street, she's been quick to point out that Bernie Sanders voted for the Commodity Futures Modernization Act in 2000.
And it sounds really bad for Bernie Sanders and his campaign's promise to reign in Wall Street excesses, especially because he frequently cites his voting record as evidence of his good judgment.
But what Clinton described isn't quite the whole story, and the whole story reveals a lot about Hillary Clinton's connections to the establishment.
As Alan Pyke pointed out over at ThinkProgress: the Commodity Futures Modernization Act was a modified version of an earlier bill that Bernie had voted for in the House of Representatives.
The earlier version that Sanders had voted for would have left room for regulators to go after fraudulent uses of derivatives, but it couldn't pass the Senate.
Then, while the nation was distracted in 2000 by the recount between George W. Bush and Al Gore; Phil Gramm, Richard Ewing, and a group of Clinton White House advisers worked out a "compromise" that made it nearly impossible to regulate futures and derivatives trading.
ust to be clear, this fight between "Establishment politicians" and "Anti-establishment politicians" is nothing new in American politics.
In fact, it's a fight that's literally as old as the country itself, going all the way back to Thomas Jefferson and his Anti-Federalists fighting with the Federalists, led by John Adams.
The fight basically came down to Thomas Jefferson arguing that "We, The People" should control our own destiny, and John Adams arguing that the "rabble" could not be trusted to govern ourselves."
Jefferson wrote to Francis Hopkinson and explicitly laid out what he saw as the shortcomings of the Constitution on March 13, 1789:
"I am not a federalist… What I disapproved from the first moment also, was the want of a bill of rights, to guard liberty against the legislative as well as the executive branches of the government; that is to say, to secure freedom in religion, freedom of the press, freedom from monopolies, freedom from unlawful imprisonment, freedom from a permanent military, and a trial by jury, in all cases determinable by the laws of the land.".
Most of those freedoms were eventually guaranteed on December 15, 1791 when the Bill of Rights was ratified.
But Alexander Hamilton, John Adams, and the Federalists fought hard to keep one of those rights from being guaranteed: "Freedom from monopolies in commerce".
That omission represents a longstanding divide in American politics between the vested interests of the rich and powerful aristocrats - and Jefferson's vision of a more egalitarian democratic Republic elected directly by "We, the People"