I haven't forgotten What It Was Really Like Under the Clintons

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The Telecommunications Act of 1996 was the first major overhaul of United States telecommunications law in nearly 62 years. The broadcasting industry couldn't get the legislation through under Reagan or George H.W. Bush, but it succeeded under Clinton. The day he signed the bill into law, Clinton boasted, "Landmark legislation fulfills my administration's promise to reform our telecommunications laws in a manner that leads to competition and private investment, promotes universal service and provides for flexible government regulation."

The Act removed the legal barriers to local and long distance phone companies acquiring each other. The results were immediate and massive. In 1996 there were eight major U.S. companies providing local telephone service and five significant long-distance companies. By 1999, these 13 companies had merged into five telecommunications giants, in a series of record-breaking merger deals.

Prior to this law, tightly regulated broadcasters could own just 40 stations nationally, and only two in a given market. Suddenly, without the FCC's input or any public hearings, ownership limits on radio stations was eliminated and a feeding frenzy took place.

By 2001, there were 10,000 radio station transactions worth approximately $100 billion. As a result, 1,100 fewer station owners were in the business, down nearly 30 percent since 1996. Two companies -- Clear Channel and Viacom's Infinity Broadcasting -- controlled one-third of all radio advertising revenue; in some individual markets their stations commanded nearly 90 percent of the ad dollars. Clear Channel alone owned nearly 1,200 stations, the result of buying up 70 separate broadcast companies.

In 1999, the Financial Services Modernization Act overturned the Glass-Steagall Act of 1933. The Act effectively barred banks, brokerages and insurance companies from entering each others' industries, and separated investment banking and commercial banking. The law was enacted in response to revelations of gross corruption and manipulation of the market by giant banking houses that organized huge corporate mergers for their own profit, leading to the collapse of the stock market in 1929.

The Wall Street Journal celebrated the agreement to end such restrictions with an editorial declaring that the banks had been unfairly scapegoated for the Great Depression. The headline of one Journal article declared, "Finally, 1929 Begins to Fade."

The unleashed and deregulated financial services sector boomed, bringing us the speculative boom that in turn gave us the temporary budget surplus of the late 1990s and the finance-led booms and busts since then. The hedge fund was not invented in the 1990s, but it was under Clinton that they were transformed into their modern form, with the Clinton White House cheerleading that transformation. In 1998, when the hedge fund, Long Term Capital Management, collapsed, leading to federal intervention, the president established the Working Group on Financial Markets. In February 2000, it concluded that hedge funds needed no regulation.

Clintonism never saw a sector it didn't want to deregulate. Wholesale electricity deregulation began under George H.W. Bush, but Clinton worked relentlessly to extend it and bring it to the retail level. We forget that Ken Lay, the founder of Enron and the driving force behind electricity deregulation was a friend of and mentor to Clinton as well as George W. Bush. Enron gave $420,000 to Clinton's party over three years and donated $100,000 to his inauguration festivities.

Clinton's appointees on the Federal Energy Regulatory Commission (FERC) aggressively deregulated the electric grid system, even refusing to step in when Enron and other electricity traders' manipulation of prices drove California to the edge of bankruptcy.

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There is no question that welfare reform has succeeded in reducing welfare rolls in the states. But 10 years into welfare reform, "the number of people living in poverty had not," noted Robert Wharton, president and CEO of the Community Economic Development Administration. "At the same time, the safety net of services and support that once protected the poor lies in tatters."

The law also led to the privatization of welfare systems in many parts of the country. And an unfamiliar provision of the law called "charitable choice" allowed religious organizations to receive government funding for providing certain welfare-related services. The month he took office, January 2001, George W. Bush's faith-based initiative opened the doors to religious organizations to get government grants to provide services previously made available by government agencies.

And of course there is NAFTA, a key piece of legislation that Bai mentions only in passing. In retrospect, we can view it as a simple extension of Clintonism's obsession with deregulation, in this case deregulating trade and borders.

NAFTA was enacted despite the opposition of Clinton's own party. Two-thirds of House Republicans voted in favor while 60 percent of House Democrats voted against. In the Senate, Republicans voted 4-1 in favor while a slim majority of Democrats voted against.

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