Clinton Says Don't Blame Him for the Economic Crisis

[one...two...tree 2,762]

By S. James Snyder, Time

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 ####### 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.

http://www.time.com/time/nation/article/0,...1879774,00.html

[I AM NOT THAT GUY 5,715]

You knew this was coming, ddn't you?

[Nagishkaw 510]

0k. Lets blame him for everything else then.

[Peikko 1,575]

Why try to pin the blame on the donkey anyway? Greed is to blame which means we are all culpable to a greater or lesser extent. The greatest share can be firmly laid on anyone who took something for nothing knowing that in so doing they were depriving someone else of something that was rightfully their due. If you can hold yourself above that standard, you are probably not on the hook.

[Saddle Bronc 124]

Why try to pin the blame on the donkey anyway? Greed is to blame which means we are all culpable to a greater or lesser extent. The greatest share can be firmly laid on anyone who took something for nothing knowing that in so doing they were depriving someone else of something that was rightfully their due. If you can hold yourself above that standard, you are probably not on the hook.

Well, you did notice that Bubba took away a seat @ Oxford from a deserving Brit?

[Peikko 1,575]

Those are freebies. I don't think I knew that though. I'll check out which college thought that would be a smart move, financially

[Saddle Bronc 124]

Those are freebies. I don't think I knew that though. I'll check out which college thought that would be a smart move, financially

How about you ask a Brit if Oxford degree is a freeby (you'll probably get lots of as response)?

[Peikko 1,575]

It's not a proper degree, and people know that. These freebies are not recognised as legitimate qualifications, they are just titles.

[Jasman0717 9]

It was the Sopranos

[Ban Hammer 13,355]

[Nagishkaw 510]

He has to keep the Larry Flint Library up and running, after all.

[Danno 1,228]

Clinton will never admit to his part of leading of breaking our financial institutions.

Bush is guilty for not highlighting the danger we could face. Certainly he could not changed anything because to reign in these risky loan programs would have have brought the classic attack of: You don't want to help the poor and minorities from getting into housing.

But had Bush took the political hit for trying it would now be owned by owned by Clinton and the recent defenders of the programs that triggered our current situation.

Don't ever look for Bill clinton to admit guilt for anything.... unless you have DNA evidence ona blue dress (or something akin to it)

Watch how upset Clinton gets when finally someone asks him the question so many wanted the answer too but no reporter dared ask.

He actually tries to convince us he was "obsessed" with Binladin.

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[Saddle Bronc 124]

Note the parallel between Cleo and Bubba (who forced someone else to take his place at draft so he could go to Oxford)

http://www.visajourney.com/forums/index.ph...t&p=2656987

[Peikko 1,575]

Did you do a legit degree then? I thought you were talking about an honorary. Either way, foreigners studying in Oxford is totally legit too, they need the extra finances from foreign students - most universities do this and it enriches the life of the students too. Diversity of thought and all that.

I am not sure who I forced to take my place so I could do something 'fun' while they took the flak though. I'll take a look at that and see what pops up.

Edited February 16, 2009 by Madame Cleo

[sj5 4]

Those are freebies. I don't think I knew that though. I'll check out which college thought that would be a smart move, financially