In typical dirty politician and crooked Ceo fashion, Clinton asks us not to blame him for what he did to cause the economic meltdown. Well the financial trail and legislative actions lead straight to Bill An Hillary. Phil Gramm took the number one spot according to a readers poll. The article goes on to explain listed perpetrators such as Angelo Mozillo, Greenspan, Gramm etc. and the roles they played such as derivatives schemes and political action to shield lenders/investors etc. As stated previously on the forum the repeal of the Glass-stegal act deregulated a government sponsored monopoly or near monopolies. It allowed the Fed, lenders, investors, insurance companies to pool assets which did not belong to them in the first place and artificially boost the greater economy and the stock market with risky mortgage backed derivatives. Bill Clinton's centrist policies and George Bushes compassionate conservative policies were the same in terms of using Statism (central government control) to transfer private assets into the hands of a corporate-government hybrid especially including the GSE's Fannie and Freddie to artificially boost the economy and stock market at the expense of using and devaluing our mortgage based assets.
A shame this article wasn't written a few years ago but better late than never. At least we have clear picture of what caused the economic crises who to blame and if people learn a lesson from their mistake and use good judgment a way to get out of the mess. There is no mention of Ameriquest the largest sub-prime lender.
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.
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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."
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.