Posted on 02/17/2009 10:58:42 AM PST by marshmallow
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.........
(Excerpt) Read more at news.yahoo.com ...
Somebody ought to wipe that smirk off his face and knock that chip off his shoulder.
Mr STD needs to ST_U.
Interesting that he felt the need to proclaim his innocence after 8+ years of being out of office.
There’s plenty of reason to blame him, and he knows it.
Clinton never heard about that “former presidents shut up” rule.
“...But Bill Clinton doesn’t think any of it should fall on his shoulders...”
Almost correct. Should be “But Bill Clinton doesn’t think.”
“I want you to listen to me! I did not...have sexual relations with that woman...Ms. Lewinsky...”
This asshat must have a lot of guilt!...He’s always saying none of this happened on his watch! Maybe he simply forgot what with all the times he had to deal with finding new interns.....
What a spoiled little child!
LOL! “His economic team?”
Paging former Fed Chairman Alan Greenspan! Please pick up a white courtesy phone...”
Hey Bubba, who granted Enron an exemption fron the Investment Companies Act of 1940? That was you, crook.
“Dog Hit By Rock Yelps”.
Interesting that he felt the need to proclaim his innocence after 8+ years of being out of office.
My thoughts exactly.
If the left can blame President Bush for Clinton’s problems, then we can blame Clinton for Clinton’s problems.
And when is the President going to turn Clinton over to the ICC for trial on war crimes charges anyway?
And I distinctly remember his DOJ threatening banks here in Atlanta if they did not stop redlining and forced them to basically make stupid loans.
The 'Toon is lying through his teeth, but what else is new ...
problem is he’s saying he should have regulated the markets more, he and his ilk are saying that bigger and more intrusive government would have prevented this mess. He’s not attacking the GOP, he’s attacking Reagan and the conservative small government philosophy. We need to find examples of him increasing government scope and influence which caused these problems.
They did the same thing in Cleveland, Ohio back in the late '90's when I still lived there. "Redlining" - that's the PC word for "not lending to deadbeats in bad neighborhoods".
So yes, it started before Bush. Unfortunately, he didn't fight it. He should not have pushed the "ownership society" beyond the realm of credit-worthy buyers, and he should have gutted all the commies out of the Justice Dept.
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