…that NOTHING is ever Bill Clinton’s fault?
Time Magazine recently comes out with an article about who is to blame for the present global economic “crisis”. Here’s his reply:
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.
Ok, even though the 9/11 hijackers were in the country training to use airplanes as weapons, before George Bush was even in office, 9/11 wasn’t Bill Clinton’s fault.
Even though Bill Clinton admitted (not too long ago, I might add) that there was something wrong with Freddie Mac and Fannie Mae while he was President, the collapse of these two entities wasn’t his fault.
When Bill Clinton had two or more chances to take out Osama bin Laden, and either botched it or didn’t take the proper initiative, that wasn’t Bill Clinton’s fault either.
The fact is, Time is correct. It was Clinton’s expansion of the CRA (Community Reinvestment Act) that led to the housing bubble, and to the collapse of the credit markets. It was also allowing loans to be given out using only an ITIN (Income Tax Identification Number), and with no requirement to prove an income history, that caused a VAST majority of the problems we’ve got right now.
Recently, CNN did a fraudumentary called “A House of Cards”, about what caused the housing bubble and the credit market collapse. Of course, CNN being populated by a bunch of left-wing idiots, made the documentary without implicating government, or any government entities. Instead, it was all geared towards making the people on Wall Street the source of everyone’s ills.
However, the editors at CNN screwed-up, and allowed Alan Greenspan, at the end of the fraudumentary to place the blame right at the feet of Congress. They also pointed out that, in many instances, loan agents were filing loans for lower-income people by exaggerating incomes (in one instance, the lendee’s income was inflated to four-times its actual value). The loan officers filled in the bogus numbers, and the lendees signed those documents without having a lawyer review them, or even disputing their income on the documents.
That’s called “fraud”. You cannot blame Wall Street for taking and re-bundling loans made using bogus income history from greedy or wrong-headed loan agents, and greedy loan recipients. Nor can you blame Wall Street when they were actively courted or pressured by government representatives or agencies like the FDIC to provide loans to low-income people who cannot pay these loans back!
And all of this started, basically, with Bill Clinton.
I might add, the Dot-Com and technology bubbles happened under Clinton’s watch as well; he doesn’t much like talking about that either. I also take great relish in pointing out that it was Bill Clinton who selected that gibbering idiot Al Gore as his vice-president. Al Gore is one of the few people who can actually make Joe Biden actually look smart.
Frankly, Bill Clinton needs to just shut up and go away. He is like the Typhoid Mary of economics and national security.