Sen. Elizabeth Warren, D-Mass., criticizes both Bill Clinton and Michael Bloomberg in her upcoming book "This Fight Is Our Fight," which is due out Tuesday.
In excerpts provided to the Washington Examiner by the conservative research group America Rising, Warren thinks back to 1999 when Democrats like Clinton "got on the deregulation bandwagon big-time." Clinton, then president, signed legislation that repealed Glass-Steagall, which was Depression-era bank regulation that kept commercial and investment banks separated. Supporters of Glass-Steagall, like Warren, argue that it was this move that paved the way to the 2007 financial crisis.
"In the same way that some Republicans had signed on for greater regulations in earlier decades, some Democrats now got on the deregulation bandwagon big-time," Warren writes. "As he signed the repeal of Glass-Steagall, President Bill Clinton, cracked a few jokes, then praised the move for 'making a fundamental and historic change in the way we operate our financial institutions.'"
She went on to note that Clinton "presciently explained" that the repeal would "'expand the powers of banks.'"
Warren, who helped craft the Dodd-Frank financial reform legislation passed by the Obama administration, has called for a new Glass Steagall Act for the 21st Century.
Elsewhere in the book, Warren took aim at a spring 2016 commencement speech made by Bloomberg, a billionaire and former mayor of New York City, during which he chided Democrats for blaming the country's problems on "the wealthy and Wall Street."
"In the spring of 2016, billionaire Michael Bloomberg climbed up to the podium at the University of Michigan to deliver the commencement address to tens of thousands of cheering students and families … Resplendent in flowing black robes trimmed in black velvet and gold braid, Bloomberg took the opportunity to denounce those who 'fan the flames of partisanship,' and he accused both Republicans and Democrats of demagoguery," Warren wrote. "He scolded Republicans for blaming our problems on 'Mexicans who are here illegally and Muslims' and Democrats for blaming our problems on 'the wealthy and Wall Street.'"
Warren took issue Bloomberg seemingly suggesting that illegal immigrants and the rich and power brokers on Wall Street are "are roughly equivalent" during his speech. "That might all be true in Michael Bloomberg's Alternative Billionaire World – but not so much here on planet Earth," she said.
Warren went on to say she has never met Bloomberg, but admitted that this story scares her "down to my toes" because it reminds her "of two fundamental truths: the playing field isn't level, and the people at the top often don't notice that."