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I'll Defend President Clinton...
...whether anyone else does or not. I know that is not a popular position to take in this forum, but no matter. I am indifferent to being thought of as "popular", here or elsewhere. If I were to be acquire an interest in being regarded that way, this is not the place I would target to confirm my reputation to myself or to others.
Anyway,
Bill Clinton is to me the finest President of my life-time. I think it is entirely possible he has slipped a step: He has had serious health problems, and he is in his 60's. That said, he continues to perform at a level that few of us can match, either intellectually or in terms of pure physical stamina. He starts early, and stays very late. All the while, he deals with the kind of benign chaos that routinely follows his every step. He manages his foundation work, and I suspect - knowing him - many other things that are properly his business, and some things that probably aren't. In the many thousands of words he has recently uttered in the service of his wife's campaign, he has made a few mistakes. That is the price of being "IN" there, and actually trying to DO high-level things in the public arena.
Now, I hear utterances like "...sad...", or "You're better than this". I don't like these condescending insinuations, not least because they sound CANNED to me - the sort of thing that would be covertly e-mailed around as a kind of "acceptible" way to shiv the former President. They are more than a little patronizing as well, directed toward one who has achieved more positive results in his most slack months than the great majority of the rest of us will achieve in a lifetime - and who (even in his more limited current status) has forgotten more about public policy matters than the bulk of us ever knew to begin with.
Like I say, I'm indifferent to what follows here. Comment if you please, but try to do so in some detail, or with some kind of intention of an honest dialogue, or to make a sincere point. Don't waste your time or mine on snippy little high-school asides for the bleachers, or the predictable, repetitive boilerplate we've all heard a thousand times, and long ago made-up our minds about. If I see something I think I can onstructively comment on, I may be back, but I make no promises.







Comments (77)
So your defense boils down to Bill Clinton is an old guy that does more good than most people? We can all agree on that.
Are you saying you didn't wince just a little at various times during this campaign at things he's said?
April 22, 2008 4:07 PM | Reply | Permalink
In Bill's defense, I think his mental sharpness, anger management, and personality has really changed since his open-heart surgery. He's not the same charming, charismatic guy he used to be. It's sad, and it's having a negative impact on his once golden legacy.
April 22, 2008 4:10 PM | Reply | Permalink
Clinton and Heart-Bypass Surgery Brain Damage
April 22, 2008 5:29 PM | Reply | Permalink
Thank you for the article. It does explain a lot of Bill's unpresidential behavior.
April 23, 2008 1:12 AM | Reply | Permalink
I wonder if Hillary has undergone heart bypass surgery herself after her visit to Bosnia?
April 23, 2008 1:18 AM | Reply | Permalink
Wow, I had no idea. That's really interesting and I have to say far more insightful then one_wilson's post. I for one am going to give him far more slack in the future. It reminds me, though obviously isn't the same, of when I found out Reagan was suffering from alzheimer's.
April 23, 2008 3:27 AM | Reply | Permalink
My problem is all the mistakes he made as president, not what he has done on the campaign trail since his surgery. His earlier evils are much more profound to me than a couple of rude remarks in support of his wife.
April 23, 2008 8:33 AM | Reply | Permalink
Consider how many times Cheney's chest has been opened, and how people say he's not how they remembered him.
April 23, 2008 8:34 AM | Reply | Permalink
I'll agree that Clinton is the best president of my lifetime (of all 4 presidents I've experienced), and that he is without a doubt one of the premier politicians alive (with all the savvy, policy accumen, etc. that implies). Politically, he tracked more to the center than I would have liked, and I certainly don't agree with everything from his administration -- but I do respect that he was an able president and did admirable service to the country during his tenure.
Nonetheless, I think he has stepped out of bounds a few times this primary season, and I do think it's fair to call him on it. Your post has noble intensions, but ultimately seems to suggest we can't fault Clinton now because he was a decent president then. The logic strikes me as the sort that prompts Republicans to say things like, "Don't insult President Bush, he's still your president and you must respect the office!"
Can you see how some may not agree with that position?
April 22, 2008 4:15 PM | Reply | Permalink
Yeah, it's funny how many Republicans you hear that from who supported impeaching President Clinton.
April 22, 2008 4:20 PM | Reply | Permalink
It truly is astonishing what Bill is still able to accomplish for the greater good, while all the while living the life of a mendicant, and being forced to scrape by on a mere Hundred million dollars in income.
Instead of always picking on Kindly Old Bill, why don't you lot try and scrape by on $200, 000.00 speech fees from needy trade cartels, and bashful robber barons, instead of casting aspersions.
April 22, 2008 4:23 PM | Reply | Permalink
Bill Clinton the best president of your lifetime? What did Bill Clinton achieve in those eight years? His years in the white house were filled with scandals from travelgate to Paula Jones and Monica Lewinsky. He was disbarred. And Al Qaeda plotted while Clinton was being impeached.
April 22, 2008 4:25 PM | Reply | Permalink
Because the environment has always been my number one voting issue, this comes to mind.
April 22, 2008 4:30 PM | Reply | Permalink
And we do owe him Ginsberg and Breyer.
April 22, 2008 4:38 PM | Reply | Permalink
As well as a Telecommunications Act. For a wonk, he certainly got *that* wrong.
April 22, 2008 8:27 PM | Reply | Permalink
Ben,
Again, let me thank you for that link. I know we don't agree on everything, but I find you to be balanced, fair, and informed in the criticisms you make.
Your link points-out perhaps the most salient point of my opinion about the Clinton Administration: It was about the most genuinely BUSY and PERSISTENT Administration in my life, in terms of constant engagement in activities for the general public good. Many of these things were the sort of activities you point-out here: Not high-publicity, "big", historical things, but a constant, detailed, behind-the-scenes push to get as far as you could, given what you had to work with. When Clinton lost his Congressional majority, he went to "Billy Ball" (he HAD to), and succeeded beyond all expectations, 1 tough inch at a time. (Again, let me recommend "The Natural", by Joe Klein - it makes many of these points, doesn't ignore warts, and doesn't take all day to read).
The 3 key issues, in my opinion (these can be generalized to judge ANY President):
(1)What did Clinton start with, after 12 years of Reagan/Bush?
(2)What was the underlying state of the country and the world during his watch?
(3)What did he leave us in 2000?
I think he stands well by those criteria with any President of whom I have direct experience.
I fully understand that these are debatable points, but NOT TO ME. My mind is pretty well made-up on it. As such, I genuinely get my temper up when I hear some of the things I've heard recently, all too often from people I don't think either know or really care what they're talking-about. I'm truly sorry if I hurt anyone's feelings. That was not my intent.
April 22, 2008 9:56 PM | Reply | Permalink
Ben,
When was it that Bill signed the Kyoto Protocol?
Right; if he had done it, we would have already been there when Bush got to the White House...
This is a sad map:
http://en.wikipedia.org/wiki/List_of_Kyoto_Protocol_signatories
April 22, 2008 10:36 PM | Reply | Permalink
The Clinton administration did sign the Kyoto protocol symbolically. It was not sent to the Republican-led Congress for ratification, because of the 95–0 vote on the Byrd-Hagel Resolution.
April 23, 2008 2:30 PM | Reply | Permalink
My anti-defense, if you will, of bill clinton can be found here.
Bill Clinton: Rewriting History
April 22, 2008 4:31 PM | Reply | Permalink
I don't think Clinton's a bad guy, down deep, but his ego has gotten in the way of his political instincts. He didn't shoot himself in the foot in eight years as he has in the last six months (on political issues, leaving aside the Great Unmentionable). It's not a good idea to have a former president who is this invested in a primary in his own party. I don't remember Old Man Bush getting this wrapped up in the 2000 GOP primary, I could be wrong. Of course it didn't drag on this long.
April 22, 2008 4:35 PM | Reply | Permalink
No, Hillary's ego has gotten in the way of his political instincts. She is not running a Bill Clinton campaign, if you noticed. So in trying to help her win I think he's using whatever he thinks he has to.
I also think he's pretty pissed off that he has to try to rescue the campaign from itself. It's forcing him into territory that is undoing much of the admiration most democrats had for him, if not always as a president, at least as a political force to be reckoned with.
I really don't think his good works as an ex-President and as a historical and world figure have anything to do with it. In fact it makes him seems smaller than he actually is. The Clinton campaign, languishing in the gutter has sullied even a former President. The fault then is not with Bill, but Hillary for screwing things up so much that he has to come and save her (which he cannot).
April 22, 2008 5:36 PM | Reply | Permalink
One_wilson
I think you raise a reasonable defense for Bill.
I don't think it would be as easy for Hillary.
April 22, 2008 4:40 PM | Reply | Permalink
Good, show him some respect.
He deserves it.
April 22, 2008 4:51 PM | Reply | Permalink
Bill Clinton? A good guy?
Maybe you should take a look at his association with the Saudis. You thought GWB was bad?
http://astuteblogger.blogspot.com/2008/01/saudi-investments-in-bill-and-hillary.html
April 22, 2008 4:55 PM | Reply | Permalink
Since I haven't read an unadulterated(pun intended)
version of Bill Clinton's life and presidency and I don't think "My Life" counts, all I have to fall back on recently is this great article by Steven Gillon at HuffPost on the damage Clinton did with his Lewinsky scandal.
http://www.huffingtonpost.com/steven-m-gillon/in-monicas-shadow_b_97555.html
That said, there hasn't been much separation of the political from the personality (with focus on what a buffoon he can be) on the stump for Hillary since he's not supposed to be the one running .
April 22, 2008 5:16 PM | Reply | Permalink
Sorry, you lost me at this. It's just a dumb, paranoid charge. There is not some secret list server where we Obama supporters coordinate our responses to posts on TPM (Ummm, right guys? Or . . . is it that there one and you didn't invite me? *snif*)
Look, it is sad, he is better than he's shown himself to be in this campaign and it just plain makes many of us who stuck for him in the 90s ill to see him acting the way he's acted over the last year. Since Iowa, he and Hillary have behaved like their on a mission to validate the 1990s Republican caricature of them and its as disconcerting as it is discouraging. Even more so because the more she acts like the caricature, the better the Republicans seem to like her.
April 22, 2008 5:25 PM | Reply | Permalink
It might be vaguely amusing to watch you drooling Obama fanboys trying to bite Bill Clinton's ankles if the country wasn't collapsing around us but given the current circumstances, I guess I just have to avert my eyes in embarrassment for you. It's just...you know, sad.
Both campaigns have been beyond disappointing considering what is at stake. And the DNC has performed miserably as well. Everyone has done their part to blow this perfect fucking opportunity to take the WH.
That's what's sad.
April 22, 2008 8:22 PM | Reply | Permalink
Boy, I'm right there with The Commenter Formerly Known as NCSteve on this one!
And not just me -- pretty much all of my Democratic friends feel the same way! (And I'm not in a circle who is active on the blogosphere where emotions can run really raw and hot; these are ordinary work-a-day Democrats who LOVED Bill Clinton and DEFENDED him vigorously against all the slings and arrows and articles of impeachment during his presidency ... and beyond.) My own mother-in-law, who constantly defended Clinton against her Republican cousins, and swooned whenever he spoke, now finds him, yes, "sad."
So how dare you, one_wilson!
CANNED? CANNED!? Let's try reluctantly arrived at deep, deep disappointment.
What present-day Clinton defenders should do is figure out how so many -- so, so many! -- life-long Democrats and long-time Clinton supporters are only now so thoroughly turned-off by that family!
Sometimes people other than yourself DO arrive at opinions independently of the conspiracy you so delusionally suggest.
April 23, 2008 1:18 AM | Reply | Permalink
You need to live longer and experience more Presidents. In the meantime, read more history. Bill Clinton is indefensible.
April 22, 2008 7:46 PM | Reply | Permalink
'Indefensible'? In what way, Jade?
April 22, 2008 8:25 PM | Reply | Permalink
In this way: http://tpmcafe.talkingpointsmemo.com/talk/2008/04/bursting-the-bill-clinton-bubb.php.
April 23, 2008 9:50 AM | Reply | Permalink
Been around awhile, seen 10, read my share of history the whole time. How about yourself?
Your last statement? What can I say? It's simply nonsense. And, no, I won't be back to continue this discussion (shouldn't have gone this far, but I couldn't resist). We're just headed to clanging on boilerplate, again. No time, no patience, no need.
April 22, 2008 8:30 PM | Reply | Permalink
Well, let's see those of us who've lived longer can add to his original list of Bush, Clinton, Bush, and Reagan, the names of Carter, Ford, and Nixon. It's not until you go into the 60s (i.e., 40 years ago) that you begin to find Presidents one might consider better.
Don't get me wrong, I like Carter, but he's not generally considered to have had a great Presidency. (As I'm only 37, I wasn't old enough at the time to really appreciate the details of what was going on, although I do remember voting for him in our school mock election in 1980.)
April 22, 2008 8:33 PM | Reply | Permalink
Nixon had serious failings -- not the least of which was making the Vietnam war his own and using the apparatus of government (notably the FBI and IRS) as weapons against common citizens and political enemies.
However, Nixon created the EPA and had the only credible international policy in a century. He loved world politics and the US did very well under his administration there.
Jimmy Carter had his share of failings (notably getting stuck with oil related recession and an Iranian revolution that, in part, was as unlucky for him as the tech boom was for Clinton) but he got the Camp David accords put through and had the only credible energy policy for the United States *ever*.
Bill Clinton's accomplishments are notably smaller. The economy did well under him, but that was rather lucky (like Coolidge who oversaw the electrification of America). Health care was a total failure as we note this political season. His other accomplishments (shrinking government and fiscal restraint) are excellent. However, the rest of his administration was fairly modest and, in fact, we ended up with GWB, in part, because his second terms was scandal ridden and he had poor moral authority to pull through it.
It's nice to take the common wisdom and repeat it, but history is more complex than that.
April 22, 2008 9:04 PM | Reply | Permalink
One thing that really riles me up about Clinton's economy is that (coming orignally from silicon valley) the hot markets of his presidency should not be seperated from the dotcom crash and mini-recession in 2001. Even so, there is no arguement he is a lot better than our current dude in office.
April 23, 2008 1:52 AM | Reply | Permalink
Nixon had the only "credible international policy"? Nixon and Kissinger did more to circumvent democracy, disrupt international politics and bring more misery to people than any other president.
April 23, 2008 7:41 AM | Reply | Permalink
Well, depending on how old you are, that could be a pretty low bar!
You also need to define what you mean by "finest". In what area?
Now, it's true that unlike the GOP, he managed to reduce government size -- a worthy accomplishment that Reagan and GWB couldn't manage (but claimed wanted to).
However, if you talk about inspirational, he pales against Ronald Reagan. That doesn't mean you have to like Reagan, but you have to look at the facts. (For example, even today, with the worst polling numbers ever, nearly 1 out of 3 Americans *approve* of GWB!)
Bill Clinton quickly squandered the excited, hip feeling that his supporters had and got him into office (in a narrow victory, and likely because of a strong 3rd party candidate). By 1996, he wasn't the excited choice of many... but he was okay.
However, every day is a new day to redeem or demean yourself.
Bill Clinton's behavior for the past 5 months has ruined whatever ideas I had of him in the past. He feels he is just as entitled to the White House as Hillary.
This is why dynasty politics needs to end.
Let Bill play on the world stage as Jimmy Carter and Al Gore have. That should be enough. It's more than most of us will ever get.
April 22, 2008 8:25 PM | Reply | Permalink
However, if you talk about inspirational, he pales against Ronald Reagan.
Really? Because Bill Clinton left the presidency with higher approval ratings than Reagan. Funny that you would say something like that.
Hey...I understand how Reagan excites you and Barry because, just like Barry said, Reagan had all the good ideas back then. Right?
April 22, 2008 10:20 PM | Reply | Permalink
Huh?
Let's go down a list:
Do you hear about Clinton Republicans?
I hear about Reagan Democrats. Reagan was able to *redraw* the political map, once and for all, for the first time since FDR.
Let's see the Democrats line up behind Bill the way that GOPers line up behind Reagan.
Reagan had a vision of America that people bought into. (Part of that vision helped trash Carter's energy policy, exploded our spending, and effectively reversed the "conventional wisdom" on the New Deal and the Counterculture, but it was a vision.)
Clinton had triangulation...and having his party drift towards the right.
And a legacy where his VP couldn't get elected. Unlike Reagan.
The sooner you recognize that Reagan is the FDR for the GOP, the faster you may learn on how to win back the political agenda in this country. Clinton will not hold that position for the Dems. Even before this disaster of an election cycle.
If you can't handle historical facts and trends, you *deserve* to be on the losing side. It's time for you to read the ART OF WAR. Learn from those whom you don't agree with. That is the trick of the true master.
Your assumption that because I said something factual about Reagan that wasn't a negative diatribe implies he "excited me" is simply illogical and ignorant.
April 22, 2008 10:34 PM | Reply | Permalink
Exactly. Clinton left the Dems wandering in the wilderness, neutered the Dem opposition, energized the Republican base, enabled the NeoCons to be ever more brazen into taking the country into wars, economic bubbles and debt, whereas Reagan ensured the Republicans enjoy the collective shifting of the playing field to the right, with the collusion of the industrialists, bankers and MSM.
April 23, 2008 1:17 AM | Reply | Permalink
Reagan was able to *redraw* the political map, once and for all, for the first time since FDR.
He didn't redraw Jack Shit. 'Once and for all'? Jesus Christ. Get a clue. If that early-stages Alzheimers clown redrew anything it was the wiring in your brain. Red Ink Ronnie was a disaster, wire-to-wire. And if you don't know that, what do you know? That your airport was named after him? My sympathies.
April 23, 2008 2:02 AM | Reply | Permalink
Bill lives now (as he did then) in a "Boys will be boys" world.
Let me rephrase:
Bill lives now (as he did then and as he will tomorrow) in a "White boys will be boys" world.
April 22, 2008 10:42 PM | Reply | Permalink
Bill can seriously go sit on a railroad spike. This guy is not afraid to throw people out the window if it suits his political needs. With the signing of the Defense of Marriage Act, he did more damage to gay rights than George W. Bush has. And of course, he encouraged Kerry to throw the gays out the window during the 2004 campaign also.
As I get older, I increasingly find Bill's ethics and morales to become more and more questionable.
April 22, 2008 10:46 PM | Reply | Permalink
Uncontrollable and constant philandering wasn't enough of a clue?
April 22, 2008 10:50 PM | Reply | Permalink
"Constant philandering"? Do you mean like Roosevelt and Kennedy and Johnson? And how do you know the allegations about Clinton are true? So what do you have? Monica Lewinsky. I don't call that "constant philandering".
p.s. Gore won the presidency.
April 23, 2008 7:56 AM | Reply | Permalink
You are on an Obama blog and pointing out that Bill Clinton was the greatest President in our lifetime is completely lost on Obamites. They have a crush on their hero and slime anyone against him in the most negative campaign in our nations history. They love to cheer madly while their media shills call Hillary a F*cking Wh*re at Obama fundraisers. They are all losers and that is why so many Hillary supporters would vote McCain in the general if Obama somehow wins. Don't worry, Hillary kicked his ass again tonight and will easily win the popular vote. You should be asking them-
What was it you did not like about the Clinton years, was it the Peace or the Prosperity?
April 23, 2008 12:55 AM | Reply | Permalink
What's to like about the Clinton years? Constant compromises that weren't really compromises, throwing people out the window when it was suitable, dishonesty and poor judgment. And Bill wasn't even responsible for the economic boom that took place; if you really want to assign credit, it goes to George Bush senior.
I'll reluctantly vote for Hillary if she somehow wins but if you vote for McCain just because Obama wins, well that only shows that you're nothing more than an empty suited ideologue whose loyalty lies to the head of a personality cult. And you guys have the galls to call Obama supporters cultists...
April 23, 2008 2:17 AM | Reply | Permalink
Yes, I heard Hillary say these exact words the other day:
It doesn't even matter whether you liked it or not. Hillary isn't Bill and Bill isn't Hillary. She is exponentially worse in terms of getting along with people, and getting things done. She failed at health care because of how she handled it - her campain has been a train-wreck - she has proclaimed the republican nominee to be more qualified than the Democratic frontrunner - she is toxic!
April 23, 2008 11:56 AM | Reply | Permalink
I agree he is the best president of my lifetime. I just wish that meant more. Also, Im not sure if he has been the best ex president post-office.
April 23, 2008 1:12 AM | Reply | Permalink
Jimmy Carter easily triumphs as the best Ex-President in recent times:
Nobel Prize Winner
Charity Work
Credible International Leader
A prophet is always a stranger in his own land...
Honorable mention: Al Gore has had a better post-VP, then Bill Clinton has had a ex-presidency...and that was before this election cycle.
April 23, 2008 1:15 AM | Reply | Permalink
Bill Clinton, who accomplished a lot of positive things, also is responsible for the past 8 years of Bush/Cheney. His personal crap, stained blue dresses, deeply embarrassed and disappointed not only the Democrats that supported him, but also the country. Gore had to distance himself and ended up not being able to effectively run on their excellent record. So, he couldn't win by enough votes to withstand Republican cheating.
Clinton's fault. Totally. And, the Clinton era will come to an end in the next month or so after HRC is chased out of the race as the superdelegates make the right decision.
April 23, 2008 1:32 AM | Reply | Permalink
One huge MISTAKE of Bill Clinton is his dismantling of the financial regulatory structures set up to protect us from the current mess in Wall St., and believe me, taxpayers' money are bailing out the white collar criminals to the tune of possibly 1 trillion (i.e. the floor as some economists are predicting). No, you won't see that as a "bill", it will come in the form of shocking inflation, and you'd be told it's instability in thye Middle East, rising demand from China/India, etc., a bunch of BS. The truth about Inflation is that it's a form of invisible tax, it's massively issuing $$$ thereby devaluing the $, punishing savers and wage-earners. The Fed prints the money and "pumps" it into the economy (and they don't even release M3 money supply figures anymore), the top cats spend it, more $$$ chase the same finite amount of goods, the $ plunges. Oil has quadrupled in price and possibly going to $200, it means at least 4 times the paper $ have been released into the global economy, accumulated and spent by the billionaire industrialists, bankers and financiers in Wall St., exchanged for something with real value and tucked away in safe havens around the world. It means all our dollar-denominated savings and some assets have been shaved away of 75% of its value, as well as our wages. You can thank Bill Clinton for getting rid of Glass-Steagall, for giving the *private* banking entity aka. The Fed and the wealthiest guys in the world who make deals in smoke-filled rooms a leg up over the "people".
April 23, 2008 1:34 AM | Reply | Permalink
Wow were you a Ron Paul fan?
To be fair, they don't release M3 anymore because it doesn't have any real meaning. Why would M3 tell us anything that M2 isn't already saying? Everything important there is to say about inflation is being said by M2. The Fed hasn't used M3 to determine monetary policy for a long time, so why pay all the extra money and waste all the time compiling the data?
Sorry, but bringing up M3 like it's some big secret Fed conspiracy is a pet peeve of mine.
Second, your view of inflation is a bit reductionist as you lay all the blame for inflation with the Fed. Its true that they have the power to control the money supply, but a lot of the inflation we've been seeing around the world is demand-pull inflation. When people want more stuff, but the supply of that stuff doesn't increase at the same rate as the demand, then there is inflation. Although much of the rise of the price of oil is due to the fall of the dollar, not all of it is. It's an important point to make.
Inflation does punish savers and wage earners. It also punishes importers of goods (China, India, etc.) and people buy more domestic goods relative to imported ones, which is a stimulant to our economy in rough times, which is one reason why this happens.
Inflation also rewards the US export industry, whose goods are now relatively cheaper on the world market since the value of the dollar has decreased relative to other currencies. That also helps the US economy, creating some jobs, etc.
Low interest rates (the Fed's inflation lever) aren't just used by the Fed as some evil tool. If you think the current inflation is bad, imagine what would happen if you saw the fed not lower rates a few months ago when banks refused to lend to each other and were hoarding cash, credit was impossible to get, short term equity loans to businesses dried up, leading to the demise of many small businesses, other businesses refused to take on profitable projects because the cost of capital is too high, meaning no growth, not to mention the fact that financial institutions were on the verge of collapse. So, yes, they are concerned about inflation. But they are concerned about the health of the economy as well, and they balance those concerns.
75% of their value? That's quite an exaggeration.
Why do you think the Fed are the wealthiest guys in the world? Most of them make a government worker's salary. I know some of them. They are not the wealthiest people in the world, they are just very good economists.
I'm still trying to figure out what Glass-Stegall had to do with anything. If you're trying to lay the blame for the subprime crisis on that...well, there are plenty of places to lay blame, least of all the repeal of Glass-Stegall, which had very positive aspects to it as well (made the markets much more liquid, allowed risk to be dispersed more efficiently, etc.) It's true that there need to be new banking regulations. The problem is that dumb regulations have dumb results (Sarbanes Oxley anyone?). If we try and get rid of SIVs and have everything appear transparently on the books of banks, the amount of liquidity in the market would crash, and so would our economy. Truth is, no matter what we do, there is always regulatory arbitrage...meaning that there are a million uber-smart bankers just waiting to find all the loopholes in the new regulation and make more money off of them.
So what would you do? Besides complain about Glass-Segall and inflation?
April 23, 2008 3:07 AM | Reply | Permalink
The dispersal of risk is the exact reason for the mortgage crisis. Dismantling controls over our financial markets and telecommunications and creating a Prison Industrial Complex are all Bill Clinton's legacy.
April 23, 2008 9:58 AM | Reply | Permalink
Yes, you're right. For an indepth and at length look at the circumstances surrounding the slow demise of Glass-Steagall and what they mean, this PBS Frontline site is great:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
Note the prescient Volcker:
"In the spring of 1987, the Federal Reserve Board votes 3-2 in favor of easing regulations under Glass-Steagall Act, overriding the opposition of Chairman Paul Volcker. The vote comes after the Fed Board hears proposals from Citicorp, J.P. Morgan and Bankers Trust advocating the loosening of Glass-Steagall restrictions to allow banks to handle several underwriting businesses, including commercial paper, municipal revenue bonds, and mortgage-backed securities. Thomas Theobald, then vice chairman of Citicorp, argues that three "outside checks" on corporate misbehavior had emerged since 1933: "a very effective" SEC; knowledgeable investors, and "very sophisticated" rating agencies. Volcker is unconvinced, and expresses his fear that lenders will recklessly lower loan standards in pursuit of lucrative securities offerings and market bad loans to the public. For many critics, it boiled down to the issue of two different cultures - a culture of risk which was the securities business, and a culture of protection of deposits which was the culture of banking."
After the dismantlement of Glass-Steagall, the greed and financial shenanigans snowballed into today's meltdown.
April 23, 2008 12:06 PM | Reply | Permalink
If you look at Bill and Hillary's record, they *always* voted with the bankers and financiers to ease government regulations and restrictions, Hillary voted for the bankruptcy act that makes it harder for indebted Americans to declare bankruptcy, and against the interest of ordinary joes, enabling the former to make obscene loads of $$$.
April 23, 2008 12:15 PM | Reply | Permalink
"Liquidity" = Debt & Debt-induced Inflation, possibility what's bringing about thye biggest calamnity in global financiakl history. You make it sound as if unbridled LIQUIDITY is a good thing - liquidity is the massive PUMPING of $$$ into the system, causing untenable bubbles, eg. the Sub-Prime Housing PROBLEM. Liquidity is the result of the Fed and Wall St PUSHING MASSIVE LENDING to home buyers, building up huge bubbles in housing, in the stock market, and all the exotic instruments that are basically junk sold as AAA-rated gold to unwitting buyers. Who gets to spend those newly minted $$$??? The people who are gathered at the Fed's trough. You can also knock off your own strawmen, no one is saying that the sorts like Bernanke make that kind of money, they're but the FRONT for the ones who truly make the decisions and wield the power. Do you deny that the Federal Reserve, despite its title, is a PRIVATE Banking entity, and WHY? What does it do that the Treasury isn't doing?
None other than Bill Clinton's own mentor Carroll Quigley, wrote a tome, "Tragedy and Hope", providing detailed insider's insight into this inner secretive clique, BEFORE he met this promising young man named "Bill Clinton".
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=14629
http://infowars.net/articles/november2007/231107Quigley.htm
I wonder why you're so adamant to dneounce this version of documented history?
I'd encourage everyone else who wants to find out more about this background of Bill Clinton and why he's such a business-friendly "leftist" should Google and find out for themselves.
April 23, 2008 10:12 AM | Reply | Permalink
How do you measure the rate of decline of the Dollar? You need to compare it against a constant, eg. its purchasing power vs. a crucial commodity like oil. In 2000, oil was $22-$28 per barrel, it's $120 today. Do the math.
April 23, 2008 10:25 AM | Reply | Permalink
Most of what you wrote in your post defends the *current* measures taken to *remedy* the crisis of the credit crunch. The credit crunch is caused by the complete fear and erosion of trust in almost every financial institution/or financial instruments held out there because of the staggering issuance and holding of bad debts, estimated to reach 1 trillion. Bear in mind that all these people who encouraged, issued and carried the bad debts made OBSCENE lucre all these years through these boom-bust cycles. This structure impoverished not only the American poor and now middle-class, but also the world's poorest nations.
My criticism is wholly focused on the CAUSE of this staggering debt crisis situation today, which certainly dated from Bill Clinton's time and before. He is definitely part of the problem - he ENABLED the mess.
April 23, 2008 10:38 AM | Reply | Permalink
This is such a vital issue yet most Americans have a very poor grasp of what really happened with the crazy "stimulus" and "bubbles", what causes inflation, how debt comes into the picture, it's useful to look at the parallels with Weimar Germany, especially when Germany was in massive debt due to WWI and low savings.
http://washingtonindependent.com/view/us-economy-looks
Finally, you can't "stimulate" a debt-stretched economy through the same strategies that led to its indebtedness, you can turn on the spigot and offer more cheap money, but no one wants to touch it because they have no idea what anything, including the Dollar itself, is worth after all these years of fiscal irresponsibility, debt through crazy spending, junk sold as assets and "funny money". People hold $ for one reason only, that it represents the ability to convert into tangible wealth. When money has been created out of thin air and spent across the world, it means massive impoverishment of that unit of money, and of those getting paid in and holding it.
April 23, 2008 11:07 AM | Reply | Permalink
Great post. Don't worry about the Clinton haters. Just ask them, "So what didn't you like about the Clinton years? The peace or the prosperity?"
April 23, 2008 3:51 AM | Reply | Permalink
And that has what to do with Hillary? If her campain is any reflection of her ability to lead, she has certainly preferred war to peace, and she has mismanaged her money to the point of stiffing high schools and insurance companies.
April 23, 2008 12:00 PM | Reply | Permalink
I am a democrat and always have been so when I look at the list that Ben put up only two candidates stand out, Carter and Clinton, both of who I liked. I thought Bill Clinton was a great president. Peace between Israel and the Palestinians was a major theme in his foreign policy and brought the two sides closer than anyone had in previous administrations, at least since I started paying attention. At this point that is pretty much all for naught but I thought he was good with foreign policy. It was a refreshing change from the Reagan cold war military spending sabre rattling policy. I didn't care about his string of infidelities and I bought into the "vast right wing conspiracy" theory. But his legacy is permanently stained by the Lewinsky affair. Not as much the infidelity but the infamous lie in the face of the American public. "I did not have sex with that woman" will ring louder in history than all praise that came before it.
The problem is that we are now living in the 21st century. Voters under about 28 either don't remember much about him or remember the impeachment and the pardons. Meanwhile Bill is still assuming that the bulk of the Democratic party still adores him and, by proxy, Hillary. They are both living in the past and being continually outraged when the present slaps them awake to let them know they don't own the party anymore.
April 23, 2008 3:55 AM | Reply | Permalink
The difference between the Bill Clinton we're seeing now and the Bill Clinton we've seen previously is not related to age or health or him losing his touch.
HE JUST SUCKS AT LOSING!!!!
He hasn't been part of a losing election since 1980 and we didn't get to see that one unless we lived in Arkansas. When he's winning, he's very charming and magnanimous. He's supremely talented. But he's part of a campaign that's been getting its ass regularly kicked over the past few months, is clearly NOT going to result in a nomination, and his feelings are hurt. And he's a sore loser. I can't say I'd be any better, but so what - I don't have to be.
For the first black president to be losing to the first black president has just gotta SUCK for the first black president.
April 23, 2008 6:13 AM | Reply | Permalink
Out of nowhere, two days before the election in PA Clinton says that Obama planned to "play the race card" on him all along. Then, when the smart Obama campaign doesn't bite, he doubles down and denies saying what he said. Why? He hoped to stir up a controversy to motivate voters with racial resentment. Asshole.
April 23, 2008 8:46 AM | Reply | Permalink
In my lifetime, I think these presidents have been better overall for the country than Clinton: Truman, Eisenhower, Kennedy, Johnson, and Ford.
Carter was a much more effective president on the environment. Carter passed real reform. Clinton couldn't get his BTU tax passed, and worked on the periphery.
Kennedy and Johnson did far more for civil rights.
Eisenhower did far more for the infrastructure
Just about any president (except Bush 2 and Nixon) has had a more ethical administration. Including Johnson who lied about Tonkin.
Ford healed the country (and lost re-election for it) while Clinton helped to divide the country as it has never been divided since the Civil War.
Clinton's claims to fame are peace and the economy. The Cold War had ended. The US was dominant. Yet Clinton did not lay down the framework for real peace, did he, as distracted by his prick and its aftereffects, he allowed Al-Qaida to thrive.
So we are left with the economy, in which he played a role but probably not a decisive one. Presidents have much less to do with the economy than dot-com booms and busts, sub-prime crises, interest rates, computerization, productivity, and the ever-present business cycle. He started with a recession that was ending by itself and ended with a recession for Bush 2.
His deregulation has probably caused more long-lasting damage than his economic prowess.
I voted for the guy twice and supported him and his really stupid recklessness against all critics I knew. They now tell me I told you so and I have to agree.
April 23, 2008 9:35 AM | Reply | Permalink
I think this is a good, thoughtful post (for the most part - I'm sure you know the parts I'm not real crazy about).
You certainly have every right to your opinion, and it's true that I have pretty high regard for several of those you mention. I actually voted for a few of them myself, not all Democrats.
So we're not here all day, let me pose another question to consider: Who would be your 2nd pick in some of those areas? Or your 3td? And another question: What are important things that a President does that do not fit neatly into that particular list of tasks?
I think impressions of the Clinton Administration are somewhat skewed by the fact it had not much in the way of a 1-sentence THEME (freed the slaves, won WW2, etc.). First, it wasn't that kind of time. 2nd, he isn't that type of man. 3td, it is precisely my point that much of what the Clinton Administration "accomplished"(my view) is NOT the kind of thing that finds its way onto these kinds of broad lists of job requirements. That is not to say they are not important things, it's just to say that they often don't fit the neat, shorthand way that many people (most particlarly journalists) like to think about these things.
April 23, 2008 10:40 AM | Reply | Permalink
But remember; what was the alternative?
1. a second George H Bush presidency
2. Bob Dole? Who did he run against - I don't even remember; was it Dole?
See. You did the right thing. It was Bill who screwed up (literally).
April 23, 2008 12:05 PM | Reply | Permalink
Defending Bill Clinton's presidency by pointing out that Reagan, Nixon, and Bush were worse is like defending Konrad Adenauer by noting that he was an improvement on Adolph Hitler. Damning with faint praise.
April 23, 2008 10:08 AM | Reply | Permalink
One last point here, probably my last: I am not a "liberal", at least in the current conotation of the word. I hope that may clarify a few things about my opinions.
I am a centrist, moderate, DNC dem., "new" Dem. - take your pick. I like to think of myself as results-oriented and practical. I generally believe in the free-market, private-oriented approach to things. I tend to believe (along with about 50% of the American public, last time I checked) that good results can be obtained by compromise somewhere in the middle part of the spectrum that places liberals on the left, and conservatives on the right. I tend to vote with the party that I think has a better purchase on that center - that is where real things happen, real lives get improved, and real problems get ameliorated.
I actually voted Republican fairly often until 1988. I thought that for a while before that, they were more balanced and rational in their views and attitudes, and Democrats were off the beam on too many wooly-headed tangents. The Reagan years convinced me that the Democrats had once again become the party of good sense, and I swung back.
April 23, 2008 12:45 PM | Reply | Permalink
Then Obama should be your guy! Watch this vid. This speech was given back in 2006. It has nothing but great common sense that both repubs and dems can agree on. This is how we move forward. Check it out.
http://link.brightcove.com/services/link/bcpid463869411/bctid416343938
No time for the vid? Here the transcript:
http://obama.senate.gov/speech/060628-call_to_renewal/index.php
April 23, 2008 4:05 PM | Reply | Permalink
Let's keep in mind that except for the mostly failed presidency of Carter, Clinton was the first Democratic president since Johnson, Johnson of the 1963-68 era. So naturally Clinton will look good if your persuasion is basically progressive. Nonetheless, who wants a utility infielder for president? Because Clinton was second or third best in a few areas but best nowhere doesn't make him our finest president of the last 60 years.
To answer the question about specific tasks, the most important qualification for president is to be a leader. Most of Clinton's presidential competition had to contend with the Cold War. The Cold War was not some Mickey Mouse War on Terrorism. The Soviet Union could destroy us utterly, a fact I was well aware of during the Cuban Missile Crisis. Despite the country's fear, terrorism can only give the US a flesh wound. We'll never know about Clinton's leadership qualifications because he really never led. He avoided the difficult problems, like Rwanda or bin Laden. He acted awfully late in the Baltic/Yugoslavia crisis. He triangulated his party out of office.
I cannot imagine the nation trusting Clinton's leadership in the Cold War when they couldn't trust him to tell the truth or give more regard to his country than to his sex drive** or to make decisions without dithering forever. Bush 2 reacts too quickly. Clinton too slowly.
Clinton always rued that he did not have a big crisis to challenge him for history's perspective. More people died from brutal oppressors during his tenure than in most other president's of the last 60 years. He didn't see the crises; we certainly had them.
**(Others had affairs, but the country came first because the affairs were not allowed to become public. Clinton missed the first rule of Oval Office blow jobs -- don't get caught.)
April 23, 2008 2:24 PM | Reply | Permalink
I guess what upsets me most is that Clinton had the potential to be one of our better presidents. His instincts were good. For example, he wanted to release all Whitewater material but Hillary Clinton opposed that and the scandal (or not) festered until a special prosecutor was appointed.
Clinton could also have refused to go to Paula Jones's discovery, regardless of the Supreme Court, by ignoring the whole matter. Instead he gave the process legitimacy.
And regardless of Wag the Dog fears, he should have taken out bin Laden every chance he had. But he was a timid president, relying on his smarts and not his principles. I suspect he became the popular president he ended up being because of the very unfair attacks on him by the Republicans.
April 23, 2008 2:38 PM | Reply | Permalink
8 years of peace and prosperity. Seems like such a long time ago. Most folks here probably dont remember that. The Republicans made a conscious effort to unseat a rightfully elected president. Lots of good reading about that, Newt Gingrich was the ring leader. So, when I see the vile hatred aimed at Senator Clinton, it reminds me of the Republican Hate machine. In fact, most of the talking points I see hear about Senator Clinton seem to have been lifted from Free Republic and Lucienne.com. Sad and misguided.
April 23, 2008 2:58 PM | Reply | Permalink
Bill Clinton, who basked in the limelight of being called a consummate politician (and a lawyer, by the way), didn't have the good sense to say, when first asked about Monica Lewinsky, "Yes, she gave me a blow job, and I allowed it. She is of age, and anything more that needs to be said about this needs only to be said between me, Ms. Lewinsky, and my wife. I won't be commmenting on this any more."
And the Republicans in the House and Senate would have gotten their backs up, farted dust, and consulted among themselves in a little snit and ultimately would have done nothing, because they would have had nothing legal to do. No impeachment, no screwjob, and Starr pretty much stumped for what to stick his snotty little nose into next. That's Clinton's strike one.
Add Jennifer Flowers, strike two. Add Paula Jones, strike three. Add the other woman whose name escapes me, and he's playing ball by the kiddy rules to stay at bat.
Then take all the ways that he pandered to the right in his campaigning and the way he jerked the party to the right to get elected at all, and as far as I'm concerned he's got more strikes than I care to count.
A democrat for capital punishment? Good god. NAFTA? What a piece of shit. Go look into his pardons, if you can stand the smell. We had better candidates than Slick Willie, and he pandered and triangulated his way past them all. We got something called a Democrat elected that would have been called a Republican when I was a kid. Governor Milliken of Michigan was more of a Democrat than Bill Clinton, and he was a centrist Republican.
April 23, 2008 4:33 PM | Reply | Permalink
This is priceless...
That's Clinton's strike one. Add Jennifer Flowers, strike two. Add Paula Jones, strike three.
Followed by...
Then take all the ways that he pandered to the right...
Like you just did by posting their talking points? But then, you republicans were always the best underwear sniffers. And since your regard for Milliken is so high, you should probably know that "In 2008 Governor Milliken endorsed John McCain for President.
Yeah. 'More of a Democrat.'
April 23, 2008 7:50 PM | Reply | Permalink
rwo...So, when I see the vile hatred aimed at Senator Clinton, it reminds me of the Republican Hate machine. In fact, most of the talking points I see hear about Senator Clinton seem to have been lifted from Free Republic and Lucienne.com.
I was a guerilla poster on both of those sites for years and that was my impression as well. At times, early on, in responding to Obama supporters I felt like I was back posting there.
April 23, 2008 6:56 PM | Reply | Permalink
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