Clinton’s Refreshing Candor: Should Have Put More Regulation on Derivatives Market

In a CNN interview, former President Bill Clinton answers some of the criticisms that have been leveled at his Administration’s piece of the current financial crisis.

John Roberts: Mr. President, in terms of the overall economic downturn, Time magazine had an article out this week in which it named 25 of the people most responsible for the economic downturn, and you were there. They, they had a picture of you in what looked like a police lineup. They had a little button where you could vote who’s the most responsible? They pointed to your signing of the Gramm-Leach-Bliley Act, the Commodity Futures Modernization Act. I wonder what you think about that.

Former President Bill Clinton: I think that the only thing that our administration did or didn’t do that we should have done is to try to set in motion some more formal regulation of the derivatives market. They’re wrong in saying that the elimination of the Glass-Steagall division between banks and investment banks contributed to this. Investment banks were already…banks were already doing investment business and investment companies were already in the banking business. The bill I signed actually at least puts some standards there. And if you look at the evidence of the banks that have gotten in trouble, the ones that were most directly involved in there … in a diversified portfolio tended to do better.

Some of the conservatives said that I was responsible because I enforced the Community Reinvestment Act, and they said that’s what made all these subprime mortgages be issued. That’s also false. The community banks, the people that loan their money in the community instead of buying these esoteric securities, they’re doing quite well.

Obama Accepts Accountability

From the Associated Press tonight:

“It’s important for this administration to send a message that there aren’t two sets of rules — you know, one for prominent people and one for ordinary folks who have to pay their taxes,” Obama said near the end of a day of jarring developments, little more than 24 hours after he had said he was “absolutely” committed to Daschle’s confirmation.

“I’m frustrated with myself, with our team. … I’m here on television saying I screwed up,” Obama said on NBC’s “Nightly News with Brian Williams.” He repeated virtually the same words in interviews with other TV anchors.

Here’s the silver lining in the cloud of controversy over Obama Administration appointees and their problems paying taxes: We’ve at least got a president who gets it.  Earlier tonight, I was pissed.  Perhaps I’m being too harsh on President Obama; and, perhaps there will be more attention paid to “our team” working for the president.  When I heard Obama said, “I screwed up,” at least I heard the voice of accountability.

You never heard GW Bush owning up to anything.  I seem to remember that when Bill Clinton was asked about Zoe Baird’s domestic help issues, he said, “I did not have sexual relations with that woman.”

Sunday Papers – November 30 – National – Economy, India, Pakistan, IL Cuts, Ted Stevens, Bill Clinton, Illegal Immigration, Opinion, Obama, Etc.

National

• Bill Clinton to name donors in deal with Obama – New York Times
• India faces reckoning as toll nears 200 – New York Times
• Attacks imperil U.S. role among two rivals – New York Times
• Mumbai Siege Tales – Washington Post
• Defiant Pakistan rejects Indian charges – Washington Post
• Auto dealerships in trouble – New York Times
• The General as Lobbyist – New York Times
• Healthcare: U.S. ‘Not getting what it pays for’ – Washington Post
• Economic rescue could cost $8.5 trillion – Los Angeles Times
• Illegal immigrants going home, labor market at risk – Miami Herald
• Opinion: What Would Keynes Do? – New York Times
• Op-Ed, Joseph Stiglitz: What Obama Needs to Do – New York Times
• Magazine: Google’s Gatekeepers – New York Times
• The Joint Chiefs and Obama – Washington Post
• Op-Ed, David Ignatius: Bush’s Iran Policy Has Failed – Washington Post
• Op-Ed, David Broder: Governors look to Obama on economy – Washington Post
• Illinois’ budget doomsday – St. Louis Post Dispatch
• Will Alaska pay price for ousting Stevens? – Anchorage Daily News

Does High Drama Clinton Serve ‘No Drama Obama’?

 Drudge’s Headline Brings Pause for Thought

A story in the International Herald Tribune earned the following headline on Drudge Report:

Now, if you read the entire story, you find that most of the piece is about President-elect Barack Obama’s and Sen. Hillary Clinton’s relationship and how it mellowed after their primary fight.  Drudge, though has shown an uncanny ability to pull the bothersome thread from the garment in the past, many times before the rest of the media catches up.  When I saw this headline, I thought, “Oh no, shadow government, Barack’s been too magnanimous and he’s going to pay for it.”

I read the story and Drudge’s headline – and therefore judgement on what the real story is – comes down to this:

By this past Thursday, when Obama reassured Clinton that she would have direct access to him and could select her own staff as secretary of state, the wooing was complete.

In the context of the reporting, it sounds pretty innocuous.  Drudge doesn’t think so, he thinks this is the story.  We won’t know if he’s right for months. But another nugget buried further in the piece is pure Clinton politics and may support why some remain worried about Hillary Clinton as one of Barack’s closest associates:

Clinton, it should be said, was herself diligent in advertising how hard she was working for the man who defeated her. When announcing her appearances, her press office included tallies of how many events she had held for Obama, and in how many states. At some rallies, organizers would distribute “Hillary Sent Me” buttons, as if Clinton was being magnanimous by “sending” her followers to vote for Obama.

You see, Bill and Hillary Clinton have never been ones for humility.  Part of the power and appeal of Barack Obama is that he is cabable of humility.  The mere fact that he surrounds himself with strong intellects and encourages robust policy debate and divergent opinions in his decision-making process is testament to this.  At the end of the day, Obama is still a man who ran for president and won and that qualifies his ego as one of the larger among us.  The reason why he appears to be not cut from the same political cloth as so many others with presidential-sized egos is that he is even more in tune to what’s going on around him.  He is self-aware and world-aware in a way that tempers the ego.

Can the same be said for either Hillary or Bill Clinton? 

I don’t want to ignore the contributions either the former president or the current senator have made to our country.  I will be only cautiously optimistic for now on whether Hillary Clinton as Secretary of State will work for America and the world.

Along with the Clintons’ contributions came colossal drama.  Conditions are too critical and the stakes here and abroad are too high in present times for drama.  I hope the rest of the ‘No Drama Obama’ team has considered this.

Will Kevin DeWine be first ORP Chairman to Switch Parties?

Kevin DeWine sounded for one day like he might be a Democrat.

In a surprisingly frank, candid interview with Joe Hallett of the Columbus Dispatch, DeWine, soon to take the helm as Ohio Republican Party chairman, nailed the reasons for Republican decline right on the head. In fact, if you were to turn around the issues he blames on GOP demise, you might end up with the current-day Democratic Party.

DeWine’s comments are the first intellectual honesty I’ve heard from any prominent Republican, locally or nationally, for months. Here’s a list to sum up what he said are the reasons the Ohio and national GOP are ailing:

• The party has become distracted and fixated on social issues.
• The GOP has drifted away from its core conservative message of fiscal responsibility and limited government.
• Republicans aren’t talking about issues that matter in people’s everyday lives.
• A tired message has turned off younger voters, ages 18-29.
• The party is not leveraging new media and fundraising opportunities on the Internet.
• Then there’s Iraq, ethics concerns and an unpopular Republican president.

Then DeWine gets to the heart of the matter:

“We have to exchange a fiscal message and economic message in for a social message that has dominated the messaging of this party for the last decade. We have to re-engage the middle class, step up with an agenda that solves problems and puts people first.”

An “agenda that solves problems and puts people first” — Hmmm, sounds like Bill Clinton, Ted Strickland or Barack Obama.

I’d like to introduce Mr. DeWine to some friends of mine I’ll just call the Democratic Party. We’re not fixated on social issues; we prefer to stay out of folks’ bedrooms and uteri. Recent history shows that the last president in a generation to achieve a budget surplus was a Democrat. Here in Ohio, Governor Ted Strickland has brought accountability and efficiency to state government through regulatory reform, procurement reform and the strongest ethics policies of any governor. As for party organization and leveraging the World Wide Web for communication and fundraising, Barack Obama just finished what Howard Dean started – a new standard has been set.

If Kevin DeWine and the Ohio Republican Party are about good stewardship of public resources and putting people first in an agenda to solve problems, I’d suggest they just join the Democrats – we’re already there.

Campaign stays hot in Ohio: 2008 Elections Coverage by Ohio’s Major Dailies

Columbus Dispatch

• McCain camp sees gap tightening in battleground states
  
• Clinton talks up Obama in Youngstown
  
• In So. Ohio Hillary says Nation needs Obama
  
• Obama army blankets Ohio
  
• Editorial: Sex, Lies and Gifts
  
• The Arnold heading to Columbus
  
• GOP says sorry to House Democrat
  
• Obama likes Clinton vet to serve as CoS
  

Cleveland Plain Dealer

• Clinton, Strickland stump for Obama
  
• McCain ends bus trip with muscle
  
• Springsteen campaigns for Obama this weekend in Cleveland
  
• McCain’s third stop leaves open field
  
• McCain gives shout out to ‘Joe the Plumber’ relatives
  

Dayton Daily News

• Election Board to probe Husted’s Residency
  
• Boehner calls Obama barnyard name
  
• Biden calls McCain Bush’s Sidekick in Kettering
  
• McCain, ‘Joe the Plumber’ draw crowds across Ohio
  
• Judge throws out suit to take Obama off Ohio ballots

Transcript: Bill Clinton with Larry King, September 24, 2008

(Source: CNN)

(Transcript picks up after first segments of Larry King Live dealt with President Bush’s Address to the nation on the current financial crisis.  You can view President Bush’s address here.)

KING: Thank you, Wolf. Wolf Blitzer right on top of the scene. And don’t forget him in THE SITUATION ROOM tomorrow. He will be covering all of this, as we will tomorrow night in major degree with panel discussions and the like.

And now Bill Clinton. He’s got a lot of experience with tumultuous political times. Read more

Video: Bill Clinton Speech to Democratic Convention

Full Text: President Bill Clinton Speech to Democratic National Convention, Denver 2008

Remarks as prepared for delivery to the Democratic National Convention on Wednesday by former President Bill Clinton:

I am honored to be here tonight to support Barack Obama. And to warm up the crowd for Joe Biden, though as you’ll soon see, he doesn’t need any help from me. I love Joe Biden, and America will too.

What a year we Democrats have had. The primary began with an all-star line up and came down to two remarkable Americans locked in a hard fought contest to the very end. The campaign generated so much heat it increased global warming.

In the end, my candidate didn’t win. But I’m very proud of the campaign she ran: she never quit on the people she stood up for, on the changes she pushed for, on the future she wants for all our children. And I’m grateful for the chance Chelsea and I had to tell Americans about the person we know and love.

I’m not so grateful for the chance to speak in the wake of her magnificent address last night. But I’ll do my best.

Hillary told us in no uncertain terms that she’ll do everything she can to elect Barack Obama.

That makes two of us. Read more

PUMAs: Conversation Day Three

Normally, I’d like to be a little more timely in responding to comments, but I’m on vacation and need to get back in my kayak soon …

1. Michigan and Florida delegates – this is no more an argument today than it was at the DNC meeting where the bargain on these delegates was struck.  All the candidates, including Sen. Clinton agreed before the primary season that these delegates wouldn’t count.  Fla and MI are a non-issue, they knew what they were doing.
2. With all of the “the One” language and other Republican BS in many of the comments, I’m figuring there are some Republicans fronting as PUMAs just to take our eyes off the ball.
3. One of the commenters referred to John McCain as a “real gem of a candidate.”  LMAO  This person also described themselves as a Democrat of 41 years.  This is the post that convinced me my chain is being yanked by Republicans.
4. I understand that the Clintons have contributed greatly to the nation and to our party.  My whole point has been that our internecine contest is over.  It’s time to get behind the presumptive nominee.  What the hell is a pary for?  Also see this post.

Maybe ‘What’s Going on with the Clintons’ was the wrong title

This little ole blog has been up for one month.  I put it up because I got pissed off about something some yahoo charter school warrior said in the Wall Street Journal about my great state, Ohio.  I’m a Democrat and believe that the Republican Party is bereft of ideas, leadership, and good sense.  I also know that under the last Democratic president, Bill Clinton, Ds proved that they are now not only the party of social justice and responsibility, but the party of fiscal sense.

The seeming skullduggery at work behind the scenes by some supporters of Sen. Hillary Clinton, and the tepid – bordering on disrespectful treatment by Bill Clinton of our party’s presumptive nominee – does nothing but help John McCain.  To the folks who commented on my previous post, I continue to ask, does your “historic” near accomplishment trump Barack Obama’s historic accomplishment?  Does your bitterness in loss need to go on without end and possibly enable four more years of Iraq, four more years of doing jack shit about the long-term energy policy in this country, four more years of pseudo-intellectuals pissing on the Constitution from the Truman Balcony?

Something else happened on the ole blog today through the comments.  One particular email address posted the same message three times and variations on that message two or three more times.  It’s either Republican spam or somebody who doesn’t rewrite the talking points very well.  At any rate, it was an interesting display of bile today … hope it was all Repuplicans fanning the flames and things aren’t worse than I thought.

So, to my detractors on last night’s post, I will concede it’s not all the Clintons fault.  Perhaps the tite should have been, “Some Clinton Supporters’ Emotional Instability Will Lead to America Taking Two Steps Back.”

Senator Obama won fair and square.  Sen. Clinton was not served well by her top staff in the campaign.  That contest is over.  Time for unity.

What’s Going on With the Clintons?

Will Democratic Convention Put the Divisions to Rest?

• Sen. Hillary Clinton Seeks Convention Vote – ABC News
• Have the Clintons Gotten Over It? – Time
• Clinton Backers Not Giving Up as Convention Looms – AFP
• Defusin talk of contested floor fight – Washington Post

 

It seems like just yesterday Campaign 2008 was to be the Democratic year. Today, it feels like we’re poised to shoot ourselves in the foot.

The problem is a small but powerful group of spilled milkers among the party faithful. Known as Hillraisers and PUMAs they are led by an ex-President and other party activists who believe Sen. Hillary Clinton’s historic run is somehow more historic than Sen. Barack Obama’s historic run. Geesh.

The Real Clear Politics national poll average had Obama over Sen. John McCain by six points on July 6. Today, one month later, Obama’s lead by RCP’s measure is 3.5%. The latest Gallup Tracking Poll shows Obama’s lead with only 2%. Less than two weeks ago, Obama’s lead was 9.

With President George W. Bush’s job approval rating struggling to find 30 and nearly 80% of Americans saying the country is on the “wrong track,” it’s frustrating to see McCain’s campaign, offering four more years of the status quo, gaining. It’s baffling to see how he’s gaining. It’s not with smart policy initiatives or by appealing to our better angels. He’s making up ground by labeling Obama an empty-headed celebrity to some groups, a Harvard elitist to others, and the anti-Christ to the Bob Jones University set.

While Obama starts to add flesh to the hope and change theme through energy policy and economic talk this week, there seems to be some traction missing.

Bill, Hillary, uh, would you mind throwing some sand under the tires? Read more

Bush Administration Big Spending Yields Record Deficit for 2009

Budget High Ground Shifts to Democratic Party

• Bush Administration projects record 2009 deficit – Associated Press
• Record deficit of $482 billion projected – New York Times
• Bush Aides Project Record $482 Billion 2009 Deficit – Bloomberg

The stories today about President George W. Bush’s projected $482 billion deficit for next year reminded me of past President Bill Clinton’s answer to critics of his time in office: “What didn’t you like about the Clinton years – the peace or the prosperity?”

What a way to go out, W. What you’ve done – and there’ll be no Karl Rove to pull the wool over history’s eyes – is wreck the Republican Party’s moral authority on fiscal conservatism. Your war, your gimmick of free money tax rebates, and your reverse Robin Hood tax policies have officially left you (and us) a legacy of debt. Don’t let the door hit you on the way out.

Clinton came into the White House in 1993 with a federal deficit of around $290 billion. In 1999, his administration was sitting atop a $194 billion budget surplus. According to the economic forecasts of the time, staying on the Clinton economic program would have had the nation’s publicly held debt erased by 2015. Granted, that’s a lot of ifs, but the fact is, under Democratic leadership, our country was on the right track.

The “New Democrats” and Bill Clinton shifted our party in the right direction. Putting people first and responsible spending began shifting the moral high ground on the federal budget to the Democrats. George Bush’s seismic mismanagement has settled this issue.