WASHINGTON, Jan. 4 — Seven years ago this month, President Bill Clinton's economic advisers told him Mexico was hours away from economic default and perhaps chaos on the streets. Mr. Clinton ordered an unpopular multibillion-dollar bailout, over the objections of Congress, but with the support of a prominent Republican governor, George W. Bush of Texas. When Argentina barreled toward a similar default in recent weeks, it was Mr. Bush who had to make the bailout call — and his decision was to let Argentina suffer the consequences of its own economic mismanagement. His aides argue that the circumstances were somewhat ...
