1
   

No, Bill Clinton Does Not ‘Know How’ To Fix The Economy

 
 
Reply Sat 21 May, 2016 09:31 am
No, Bill Clinton Does Not ‘Know How’ To Fix The Economy

Quote:
The bursting of the tech bubble in 2000, and the subsequent recession, revealed that the 1990s boom was, at least to some degree, a mirage, the result of cheap money and, in then-Fed Chairman Alan Greenspan’s famous phrase, “irrational exuberance.” The recession that followed the tech bust, however, was relatively mild. If that were the worst consequence of the Clinton era, it might seem a small price to pay for a decade of solid growth.

But the Clinton boom, and even some specific Clinton policies, also helped sow the seeds for the far more severe Great Recession of the late 2000s. Mortgage-backed securities and subprime loans weren’t invented in the 1990s, but they expanded greatly during the period, part of a broader “financialization” of the U.S. economy that contributed directly to the severity of the Great Recession. Critics on the right argue Clinton-administration policies promoting increased lending to low-income and minority applicants contributed to the subsequent bubble; critics on the left, including Bernie Sanders, argue that Clinton’s deregulation of the banking industry paved the way for the crisis.

Bill Clinton deserves, at most, a small sliver of the blame for the financial crisis. But he probably doesn’t deserve much credit for the late-’90s boom, either. The reality is, presidents have at best limited influence over the economy. Clinton’s economic policy was determinedly centrist: modest tax increases, free trade (including the signing of the North American Free Trade Agreement) and limited government regulation and spending (the latter due in part to the Republican Congress). Those policies no doubt affected the economy, for good or bad. But their impact pales in comparison to that of forces beyond Clinton’s control: the rise of the internet, the entrance of the baby boomers into their peak earning years, the “peace dividend” that came from the fall of the Soviet Union.
 
Robert Gentel
 
  1  
Reply Sat 21 May, 2016 09:34 am
@Robert Gentel,
One of a few articles I've recently read that make a point I've long tried to emphasize on a2k, the president has very limited influence on the economy and though many people credit them for times of prosperity or bad times it has little to nothing to do with them, they can only be credited for not completely messing it up for the most part. And even when it completely falls apart, they are usually not responsible to any significant degree.
0 Replies
 
Leadfoot
 
  1  
Reply Sat 21 May, 2016 09:44 am
@Robert Gentel,
That announcement by Hillary solidified my opposition to her. My lack of confidence in Bill comes from his statement about 'Not inhaling'. Anyone so disingenuous as to smoke with friends and not inhale is not someone I'd want in charge of the economy.

I try to stay abreast of important issues but who has enough time to do that? I often judge politicians on their drug policies. That is a small enough issue that it is easy to be informed on all the aspects of it. If they can't get that right, they can't get bigger things right either.

Obama at least inhaled but didn't have the balls to put his presidency behind something as easy as delisting MJ from Schedule 1. I'll change my mind about him if the DEA does that before he leaves office.
Robert Gentel
 
  3  
Reply Sat 21 May, 2016 09:46 am
@Leadfoot,
Leadfoot wrote:
That announcement by Hillary solidified my opposition to her.


I think the statement is incorrect but am surprised that this would be the trigger for you. Why, sometimes they've said as many as six impossible things before breakfast!

I've never seen a politician campaign without a lot of distortion of the truth, and for example Bernie places too much blame on Clinton in a similar failure to correctly attribute economic factors to presidential policy.
edgarblythe
 
  3  
Reply Sat 21 May, 2016 10:48 am
I hold bill responsible for repeal of Glass Steagle and such actions
Robert Gentel
 
  1  
Reply Sat 21 May, 2016 10:55 am
@edgarblythe,
Only partially right? It's not like he did that on his own or it was even his initiative.
edgarblythe
 
  3  
Reply Sat 21 May, 2016 10:57 am
@Robert Gentel,
He was in favor of it, as is Hillary.
Robert Gentel
 
  3  
Reply Sat 21 May, 2016 10:59 am
@edgarblythe,
Sure, he signed it, and in hindsight it was obviously a bad change, but was there even any significant opposition to it? Presidents can't veto everything that is a bit questionable and I personally only give him a bit of blame for not vetoing the bill.
edgarblythe
 
  3  
Reply Sat 21 May, 2016 11:10 am
@Robert Gentel,
I can only assume they don't regret signing it, since he is being assigned the economy and Hillary said in public that she has no intent to try to reinstate it.
0 Replies
 
Leadfoot
 
  1  
Reply Sat 21 May, 2016 11:29 am
@Robert Gentel,
Quote:
Why, sometimes they've said as many as six impossible things before breakfast!
Politic is indeed like Alice in Wonderland. It's reached a new level though. For the first time since reaching voting age I'm feeling like it's not voting for anyone.
0 Replies
 
 

Related Topics

Obama '08? - Discussion by sozobe
Let's get rid of the Electoral College - Discussion by Robert Gentel
McCain's VP: - Discussion by Cycloptichorn
McCain is blowing his election chances. - Discussion by McGentrix
Food Stamp Turkeys - Discussion by H2O MAN
The 2008 Democrat Convention - Discussion by Lash
Snowdon is a dummy - Discussion by cicerone imposter
GAFFNEY: Whose side is Obama on? - Discussion by gungasnake
 
  1. Forums
  2. » No, Bill Clinton Does Not ‘Know How’ To Fix The Economy
Copyright © 2019 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 08/18/2019 at 05:46:39