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Former president Bill Clinton spoke with ABC News and supported President Obama's economic efforts so far, but not the Republicans! "Look, the American people, I think, know the president has tried to reach out to Republicans. And it takes two to tango. I think there are some of them who really believe that just-say-no politics is good politics." Clinton also placed blame on former president George W. Bush for the economic mess, "I personally believe, based on my experience with the economy, that if we moved aggressively on this home problem a year and a half ago, even a year ago, as much as 90% of the current crisis could have been avoided." Earlier this week, Clinton rejected criticism that he was also responsible for the economic mess, since he signed the Commodity Futures Modernization Act and loosened housing rules.
Bubba Backs Bam, Blasts Bush
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What the heck is Bill smoking? The government is only involved in taxation and law enforcement. I wasn't aware it was involved in the day-to-day operations of the private sector. So the the government should have been writing billion dollar checks two years ago?
I think the relevant question is what are you smoking?
This statement has never been true in this country.Bill also thinks that Bambi should talk "optimistically" about the economy and stop being such a Debbie Downer. Good idea. Just lie to us some more. That'll help.
if we moved aggressively on this home problem a year and a half ago, even a year ago, as much as 90% of the current crisis could have been avoided.
OK. Tell me how.
Ok, here you are: when home prices spiraled ever higher during the housing bubble in 2006, The President could have very publicly insisted that The Fed intervene and raise interest rates. While The Fed did indeed raise rates, they did so slowly and gradually when the market needed a sharp correction. To achieve that, you need the pressure a president can muster. Instead, Bush ignored the signs, his rotten SEC ignored the signs, and The Fed dithered away believing that a soft landing was likely. Total Fail. Now go out and play in traffic, republican.
Home prices were spiraling upward long before 2006, which by the way, was more than 1 to 1 and a half years ago. So you lose right there. And as I have told you before, the President can't order the Federal Reserve Chairman to do anything. So you're wrong again.
And you are truly pathetic that you try to label anyone that disagrees with you as a Republican. Aside from the fact that it makes you look like a juvenile name caller, you're flat out wrong. I'm not a registered Republican. I didn't vote for Bush. I've said it a few dozen times on Gothamist. That you fail to accept that simply because I don't worship Obama and Clinton just shows you to be the incredible partisan that you are.
In case you want to try again, the question is what could have been done a year to a year and a half again. In case you can't do the math, a year ago would be February 2008, right before Bear Stearns imploded. A year and a half ago would be August 2007 when the crisis really kicked in. So Clinton is saying something could have been done after the crisis started.
Not so fast. I agree with your points, but I can't imagine any president in modern history with the political influence to stop a speeding money-train like that.
Too many well connected people were getting very rich and nobody likes a party pooper. HRC received quite a bit of payola from hedge fund donors herself. Bill himself was pretty business friendly while he was in office. I doubt he would have stepped on the rich toes needed to put the brakes on in time.
how bout taking the 1 billion a day spent in Iraq/Afghanistan and using that to pay for the bailout instead of using foreign credit with steep interest
deranged narcissism.
Doesn't it depend on what your definition of IS, IS??? D^CKHEAD always an imbecile except when he thinks it will score him some poontang like the 'rich' CANADIENNE strumpet MS. STRONACH instead of "...asbestos pants-suits" MADAME HILLARY at STATE. REACHING-OUT is not NOT just listening and nodding and doing nothing. Like when D^CKHEAD just sat there and watched 'FATTY'MONICA do her 'cigar-tricks' in the OVAL OFFICE. This STIMULUS SH^T ROLL SHOULD NEVER HAVE BEEN SPENT ON DEMBHOLE PORK PROJECTS!!!
Throwing billions and billions of dollars you don't even have around like confetti is no way to stabilize an economy whether you are democrat or republican.
The first bail-out bill under Bush was still a democrat bill. Obama is the man at the plate right now with democrat majorities in both houses.
When the hell are democrats ever going to accept responsibility for anything they do?
Well, we know what Bush and Cox did August 2007, don't we? They went on vacation. But ok, 'non-republican', what could have been done was a stress test of the banks using the worst case scenario of counterparty risk as against their balance sheets. Credit rating agencies could have been audited to find the extent of their dealings with the mortgage bundlers and derivatives traders. The SEC could have called for a halt to those trades and Congress could have passed a legislative response to their concerns as they did in the days after Sept 15. The Fed does indeed respond to presidential pressure. Did Paul Volcker not back down quickly on interest rates in 1983 under the constant pressure of the Reagan White House? Did Alan Greenspan not maintain lower rates in sync with the Clinton Administration's aims? Even as the dollar began to weaken? Only a fool believes that the Fed isn't moved by markets (Bernanke) or the White House (Volcker)or his own over-inflated groundhog's shadow (Greenspan). And yes, hindsight is 2020 so Clinton can say what he said and be right. Nobody ever said that it would be realistic.