Liberal talk show host Alan Colmes is a long-time Fox News contributor who used to co-host one of the network’s first hit shows, “Hannity and Colmes,” before it became just “Hannity.”
Colmes recently appeared on Fox Business Network to debate Trump spokesperson Katrina Pierson over Trump’s long history of tax welfare.
The liberal host went after Pierson and other Trump surrogates for trying to make their candidate look like an anti-Wall Street crusader while accusing Hillary Clinton of being an “insider.”
“It is disingenuous to blame this on Hillary Clinton and let Donald Trump off the hook. He’s been an inside player. He was an inside player in Atlantic City. He was an inside player with the government. He got all sorts of largesse from the government,” Colmes said. “He wouldn’t have had his career had he not gotten tax breaks. He would sue the government when he didn’t get tax breaks and that’s how he built his career — on the backs of taxpayers. So don’t act all innocent like it’s all Hillary Clinton.”
“All legal, Alan,” Pierson replied. “He didn’t vote for a single bailout for these banks. Not one.”
Of course, Pierson conveniently failed to mention the fact that Trump couldn’t vote for or against the bailout in 2008 because he wasn’t an elected official. Also both she and host Trish Regan left out the part about Trump expressing some meek concerns over the $700 billion Troubled Asset Relief Program, but ultimately stating that he was for it.
According to Politifact, Trump said to Larry King in 2009, ““I do agree with what they’re doing with the banks. Whether they fund them or nationalize them, it doesn’t matter, but you have to keep the banks going.”
Meanwhile, Regan tried to shift the blame for the banking bailouts on to Hillary Clinton’s husband, former President Bill Clinton.
“Bill Clinton is the guy who got rid of that way back when, and the aftermath was in fact blamed on the facts that you had banks with the ability to invest using your funds and my funds, Katrina,” Regan said to Pierson. “And so they became more and more aggressive. I don’t know if we can blame Bill Clinton for the whole thing, but it certainly seems there were some policies there that had existed quite well [and] once they were gone, we got in a lot of hot water.”
However, Regan once again must have run out of time, because she forgot to include the inconvenient little fact that while Clinton did repeal the Glass-Seagal Act in 1999, economists do not credit his actions for causing the 2008 financial crisis (which took place on G.W. Bush’s watch).
As Politifact reported, the repeal had little if anything to do with the banking crisis.
Clinton said, “There’s not a single, solitary example that” signing the bill to end Glass-Steagall “had anything to do with the financial crash.”
By focusing on the bill that officially repealed Glass-Steagall, Clinton’s statement ignores the fact that the demise of Glass-Steagall took place over decades, amid a deregulatory push in which the Clinton administration played a role. By the time the law to repeal hit his desk, Glass-Steagall had been whittled down so much that it wasn’t very meaningful. It’s a matter of debate how much of a role the overall demise of Glass-Steagall had in causing the financial crisis, but we couldn’t find any economists who argue that the regulation was the sole linchpin keeping the financial system stable until its official repeal in 1999. Overall, we rate Clinton’s claim Mostly True.”
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