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Thread: Bill Clinton says don't blame him for the economic crisis

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    Elite Member celeb_2006's Avatar
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    Default Bill Clinton says don't blame him for the economic crisis

    Clinton Says Don't Blame Him for the Economic Crisis

    Given the sweep and severity of today's global economic crisis, it would seem there's plenty of blame to go around. But Bill Clinton doesn't think any of it should fall on his shoulders.

    On Monday morning's Today Show, Ann Curry's interview with the former president - recorded over the weekend outside a Clinton Global Initiative event in Texas - addressed Clinton's inclusion on TIME's list of the "25 People to Blame" for the global economic collapse. "Oh no," he responded, "My question to them is: Do any of them seriously believe if I had been president, and my economic team had been in place the last eight years, that this would be happening today? I think they know the answer to that: No." (See TIME's list of the 25 people to blame for the collapse)

    The magazine's story, which apportioned blame widely between such figures as Countrywide co-founder Angelo Mozilo, former Federal Reserve Chairman Alan Greenspan, Lehman Brothers CEO Dick Fuld and President George W. Bush, zeroed in on two specific economic policy decisions made during the Clinton administration. Clinton ushered out the Glass-Steagall Act, which for decades had separated commercial and investment banking, and signed the Commodity Futures Modernization Act - which exempted all derivatives, including the now-notorious credit-default swaps, from federal regulation. His administration also loosened housing rules, which added pressure on banks to lend in low-income neighborhoods.

    "None of it was an endorsement of permissive lending and risk-taking," the magazine concluded. "But if you believe deregulation is to blame for our troubles, then Clinton earned a share too."

    In a separate interview this past weekend with CNN, Clinton did allow that his administration could have done more to "set in motion some more formal regulation of the derivatives market," but he also vehemently denied that the repeal of Glass-Steagall or his administration's housing policies helped cause the financial crisis. Both interviews took place only hours after the Senate passed the $787 billion economic stimulus bill, which President Barack Obama is expected to pass into law Tuesday.

    Earlier in the interview, Clinton told Curry that he agreed with the assessment of Dennis Blair, President Obama's director of national intelligence, that the world financial crisis has surpassed terrorism as the country's most significant "near-term" security concern. He also gave the new president high marks for the way he's used his first month on the job: "I think he's off to a good start ... Given the fact that they had to do it in a hurry, and he had to deal with Congress and the inevitable compromises, I think he got quite a good bill out of this. This package that he's going to sign is our bridge over troubled waters."

    As for who troubled those waters, it's still up for debate.

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    Elite Member kingcap72's Avatar
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    Bill probably thought that after Dubya left office people would stop blaming him for everything.

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    Elite Member bychance's Avatar
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    Thumbs up

    Damn you I was about ready to post this.

    Think Progress » Clinton hits GOP for automatically opposing Obama’s agenda.

    On Sunday, Sen. John McCain (R-AZ) said that President Obama is off to a bad start in part because Obama didn’t “sit down together” with Republicans (even though he did). Today, CNN asked President Clinton to respond to McCain, and Clinton ripped the GOP as being simply “automatic” in its opposition to Obama’s agenda:
    CLINTON: [T]here’s 100 economic studies which show that you get a better return in terms of economic growth on extending unemployment benefits or investing money in energy conservation jobs to improve buildings than you do giving people in my income group a tax cut. But it doesn’t stop them. Those guys are on automatic. You punch a button and they give the answer they give you.

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    Elite Member kingcap72's Avatar
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    The one thing I found interesting was that on the day Hillary makes her first trip overseas as Secretary of State, Bill is whoring himself out on every TV station getting all of the press coverage.

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    Hit By Ban Bus! AliceInWonderland's Avatar
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    ^ he was in l.a. yesterday talking with our dumbass mayor about changing all the traffic lights with LED lights its like, come on, we have other priorities right now boys!

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    Elite Member bychance's Avatar
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    He is now a white house ex-husband. Wifey is now the SOS.

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    Ex-husband? Did they get divorced when I was skiing?

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    Elite Member Grimmlok's Avatar
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    Quote Originally Posted by AliceInWonderland View Post
    ^ he was in l.a. yesterday talking with our dumbass mayor about changing all the traffic lights with LED lights its like, come on, we have other priorities right now boys!
    They did that up here.. they use like 1/20th of the power and last about 10 times as long. Big savings.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Gold Member Glitter's Avatar
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    Quote Originally Posted by kingcap72 View Post
    The one thing I found interesting was that on the day Hillary makes her first trip overseas as Secretary of State, Bill is whoring himself out on every TV station getting all of the press coverage.
    Old habits die hard, I mean the part about Bill whoring himself out of course.
    Life is what happens to you
    While you're busy making other plans ~ John Lennon

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    Elite Member bychance's Avatar
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    Quote Originally Posted by scooter View Post
    Ex-husband? Did they get divorced when I was skiing?
    No I mean ex-president white house. You know, a play on house wife...white house president... ex -president...

    okay so it was corny.

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