The Huffington Post says Bill Clinton Was Not an Economic Savior. Now what Liberals?
"It is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize that President Clinton's policies sent the economy seriously off course.
The Clinton economy was driven by a stock bubble. This is not a debatable point.
In Washington it is common to tout the budget surpluses of the Clinton years as some momentous achievement, as though the point of economic policy is to run budget surpluses. Of course, the point of economic policy is to produce an economy that improves the lives of the people in a sustainable way.
Clinton badly flunked this test.
The economy President Clinton handed to President Bush in January of 2001 was an economy that was being carried by an unsustainable bubble that, in fact, already was in the process of deflating at the time Bush took office. The S&P 500 was more than 10 percent below its 2000 peak and the NASDAQ was down by more than 40 percent on the day that Bush took office.
This pretty much guaranteed the recession that began in March of 2001.
The truth is often painful but nonetheless it is important that we live in the real world and President Clinton's policies sent the economy seriously off course."
My comments ...
Obama is doing the same thing. "Those who ignore history are doomed to repeat it".
@Alecks ... who cares? Obama is doing the same thing and taking us down again. So I care.
@Sophia .. it is important to know that Clinton benefited from Reagan's policies that created the jobs.
Plus the Republican Congress. Clinton did nothing. Believe me. I lived under him for 12 years in Arkansas and 8 years as President. He is just a good talking playboy who does nothing. Like Obama [minus the Playboy thing].
@warrior_peasant .. agreed .. but my point is .. Clinton had nothing to do with it .. except tear it down. Look what Bush did with a recession.
Average annual unemployment rate for George W. Bush
- 8 years agoFavorite Answer
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The Glass-Steagall Act was repealed by the 1999 Gramm-Leach-Bliley banking deregulation act, which passed with overwhelming majorities of both parties in both houses of Congress, then it was eagerly signed into law by Bill Clinton. The 2008 meltdown was attributed directly to this law.
Arthur Levitt, Jr. was the longest serving head of the SEC. Do a Google search on him, see what pops up.
He was appointed by Clinton in 1993 and again in 1998. He left in 2001, so he covered the entire Clinton administration.
Levitt gave Madoff a free pass because they were both members of the Harmonie Club, a social club for the ultra wealthy in NYC.
Madoff was first reported to the SEC in 1992:
Report: Regulator was tipped off about Madoff fraud as early as 1992
"a suspicion of trouble at Madoff Investment Securities arose as early as 1992 when customers of Avellino & Bienes, a fund that invested all its money with Madoff, complained about documents making a seemingly impossible promise of "100%" safe investments. Although the SEC shut down Avellino & Bienes, the agency only made a "brief and very limited" examination of Madoff."
Avellino & Bienes was shut down by the SEC in 1993, the year Levitt took charge.
Levitt also gave a special exemption to Enron, exempting it from accounting rules. This special exemption led directly to the Enron scam and the subsequent meltdown of the company, which took down a major chunk of the economy with it. It also led to the discovery of similar fraud at many other companies, fraud that got its start in the Clinton years.
If I was going to pick one individual who was most responsible for the rampant fraud of the Clinton years, it would have to be Art Levitt.
- SophiaLv 48 years ago
I'm a liberal and I never said Bill Clinton was an economic savior. Although, I was generally happy with Bill Clinton, I think the economy started to get bad after a few wrong decisions taken by him. (And got much much worse during Bush) Barack Obama is a better President than Clinton, for sure.
I'll never understand why people act like Republicans and Democrats are two sports teams. We all want this country to get better. Just because a politician is Democrat, doesn't mean I, as a liberal, will support him or think everything he does was good.
- Anonymous8 years ago
It certainly is unsustainable with people like Bush and Obama at the helm. Your heroes are not bothered at all by record deficits. I prefer record surpluses. The difference is that Clinton was not spending like Bush and Obama. Those two spent trillions fighting in wars on the other side of the planet. Wars that have nothing to with our national interest. Under Bush and Obama 46% of Americans get a government check. Under Clinton we had low inflation, low unemployment. Thumb me down and continue to vote for Presidents and Congressmen who have no common sense and we will continue down the path to a third world economy. You all will get your way but you're not going to like the third world life style.
- Anonymous8 years ago
The reason Clinton left office with a surplus is because a Republican-controlled Congress blocked a lot of his proposed spending, and borrowed money from Social Security to fill budget holes.
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- Dave87gnLv 78 years ago
Bill Clinton is not a liberal, he's a moderate.
He created 20 million jobs, but also signed Nafta which we all agree sucked, and he signed he media consolidation bill which is a bad, and removed glass steagal which opened the door for wall street theft of 8 trillion dollars
- Anonymous8 years ago
Remember all those good things that happened in the 1990s which Bill Clinton tried to take credit for -- that was Newt.Source(s): Clinton was the most corrupt President of the 20th Century The Wall Street Journal, February 12, 1998 Page A-22
- DiestLv 48 years ago
It means presidents do not control the economy, war does.
Our "success" (if you call cajoling other countries to produce goods and services for us a success...) is stemmed into our military. Our military is as big as the whole world combined. Top Republicans and Democrats know this, that's why we are not cutting military spending at all.
- AlecksLv 58 years ago
Seriously, WHO CARES. That was over a decade ago; why does it matter now. All you guys do is scour the internet for bogus articles trying to prove eachother wrong. It's pathetic.
- 8 years ago
Unfortunately Bill was a genius compared to bush or obama
- 8 years ago
Liberals will come around eventually, right now they are to stubborn.