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  1. #1
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    Bill Clinton says don't blame me 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.

  2. #2
    Retdetsgt's Avatar
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    Clinton and his old lady are both sociopaths. Neither have a conscience and neither have ever taken responsibility for their actions. Not once.

    He conveniently forgets who the dot com bubble burst in April of 2000, wiping out lotsa peoples's 401K's.
    When I used to be somebody (I'm center top)

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    Honestly, is anyone surprised?
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  4. #4
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    Quote Originally Posted by Rhino View Post
    Honestly, is anyone surprised?
    Nope.
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    Am I the only one that's having a hard time wrapping their heads around financial news stuff? I mean, one "expert" will be on tv saying that the stimulus will save the country, and he's followed by another "expert" saying that it will destroy America.....I can usually understand most political stuff, but the financial crisis crap is WAAAYYYYY over my head.
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    I see where Time includes G.W. Bush as well, but to the greatest extent because he 'couldn't move' Congress for tighter regulation over Fannie Mae and Freddie Mac, (and because the meltdown happened on his watch).

    If we look at our history, its easier to understand, Bob. Reagan took office with the U.S. suffering not just a recession, but an inflationary cycle caused by overspending coupled with overtaxation. With 21% interest rates, etc., the cap for gains taxation was 70% at that time. Reagan slashed taxation across the board, reducing the top cap gains tax bracket from that 70% to 28%, thus creating an investment and economic boom almost immediately. He was viciously criticized for it, but legitimately rescued the economy from some of its worst figures in history. The reversal was miraculous, even leading the economy to real and productive positive trends through the next 20+ years.

    Spending + increased taxation during a recession cycle historically creates inflation, with too many valueless dollars chasing too few goods. The current administration has not nailed the coffin shut with taxation yet, but if as promised, the Bush tax cuts are allowed to expire, and new tax cuts (credits) are implemented for those who do not pay significant amounts of the tax burden, we will suffer another inflation like in the 70's, repeating history.

    "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
    - Alexis de Tocqueville, Democracy in America

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    The opinions expressed by this poster are wholly his own, and should never be construed to even remotely be in representation of his employer, its agencies or assigns. In fact, they probably fail to be in alignment with the opinions of any rational human being.

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    Quote Originally Posted by Bob Loblaw View Post
    Am I the only one that's having a hard time wrapping their heads around financial news stuff? I mean, one "expert" will be on tv saying that the stimulus will save the country, and he's followed by another "expert" saying that it will destroy America.....I can usually understand most political stuff, but the financial crisis crap is WAAAYYYYY over my head.
    IMO most political items aren't as complicated as the politicians want you to think. Because if things are really that simple, they'd be out of a job. Well, they are that simple, and they need to be out of a job.

    If you take a look at the summary of the spendulous bill I posted in the Rhino forum, you'd see how it's merely a tool for lobbyists and does virtually NOTHING to stimulate the economy.

    If you want to stimulate the economy, you really need to do only one thing: LET THE TAXPAYERS KEEP THEIR MONEY. Money kept = money spent. But apparently the government doesn't trust us with our own money, so they'll tell us how it SHOULD be spent.
    "If everyone is thinking alike, then someone isn't thinking." -Gen. George S. Patton

  8. #8
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    Quote Originally Posted by Bob Loblaw View Post
    Am I the only one that's having a hard time wrapping their heads around financial news stuff? I mean, one "expert" will be on tv saying that the stimulus will save the country, and he's followed by another "expert" saying that it will destroy America.....I can usually understand most political stuff, but the financial crisis crap is WAAAYYYYY over my head.
    I'm not economist either, but I am kind of a history buff. The stuff they're actually doing to try to stimulate the economy are the same things FDR did in the 30's. And they were unsuccessful. In 1932, unemployment was nearly 24%. In 1937, it was 15%, but then in 1939 it was back up to 19%.

    He used the same theory of creating government work projects such as the TVA, Boulder Dam, the CCC camps. Obama is doing that with road and bridge work. And of course, Obama's has a lot more pork in it.
    When I used to be somebody (I'm center top)

    "A burning desire for social justice is never a substitute for knowing what you're talking about". -Thomas Sowell-

 

 

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