Reich Blasts Anti-Reform Group For 'Cynically Distorting' His Words In TV Ad

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http://tpmmuckraker.talkingpointsmemo.com/2010/04/reich_blasts_anti-reform_group_they_cynically_dist.php?ref=fpblg

Former Clinton Secretary of Labor Robert Reich today slammed an anti-financial reform group that is using his name and image in a new television ad for "cynically and purposefully distorting what I said."

As we noted earlier, the group, Stop Too Big To Fail, today announced new ads in three states calling for senators to vote against financial reform. The ad at one point flashes Reich's picture and the female narrator says, "Even President Clinton's secretary of labor said , 'it preserves the possibility that the Fed could launch another bank bailout.'"

Reich is having none of it.

"As I've repeatedly noted, the Dodd bill's liquidation fund is not a bailout fund. The quote they took out of context was my argument that because the Dodd bill fails to limit the size of the biggest banks, the Fed would have to bail them out if several get into trouble at the same time -- as the big banks did when the housing bubble burst," Reich said in an email to TPMmuckraker, adding: "Those who sponsor this ad -- Wall Street and its supporters who want to torpedo the Dodd bill -- would never support limiting the size of the big banks."

More on the new ad and what Reich really said here.
http://tpmmuckraker.talkingpointsmemo.com/2010/04/stop_too_big_to_fail_enlists_robert_reich.php