They lied to ME! Bill Clinton

[zeitgeist]

Watch as the primitives dissect our First Black President, Slick Willie

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RamboLiberal  (1000+ posts)        Sat Apr-17-10 09:35 PM
Original message
Clinton: Rubin and Summers Gave Me Wrong Advice on Derivatives, and I Was Wrong To Take It
 Source: ABC News

In my EXCLUSIVE “This Week” interview, I asked former President Bill Clinton if he thought he got bad advice on regulating complex financial instruments known as derivatives from his former Treasury Secretaries, Robert Rubin and Larry Summers. He acknowledged that all three of them were wrong about derivatives.

“On derivatives, yeah I think they were wrong and I think I was wrong to take because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency,” Clinton told me.

“And the flaw in that argument,” Clinton added, “was that first of all sometimes people with a lot of money make stupid decisions and make it without transparency.”

The former President also said he was also wrong about understanding the consequences if the derivatives market tanked. “The most important flaw was even if less than 1 percent of the total investment community is involved in derivative exchanges, so much money was involved that if they went bad, they could affect a 100 percent of the investments, and indeed a 100 percent of the citizens in countries, not investors, and I was wrong about that.”



Read more: http://blogs.abcnews.com/politicalpunch/2010/04/clinton...

Vincardog  (1000+ posts)      Sat Apr-17-10 09:37 PM
Response to Original message
1. A day late? 
 
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izquierdista (1000+ posts)        Sat Apr-17-10 09:44 PM
Response to Reply #1
2. Multiply
 A decade late and BILLIONS of dollars short.
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Vincardog  (1000+ posts)      Sat Apr-17-10 10:00 PM
Response to Reply #2
5. EggZZZZactly . Where are you on NAFTA now slick? 
 
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aquart  (1000+ posts)      Sat Apr-17-10 11:56 PM
Response to Reply #1
9. Yes. Manning up and admitting he was wrong.
 Hard to do that before you make the mistake.
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No Elephants  (1000+ posts)      Sun Apr-18-10 07:55 AM
Response to Reply #9
17. Meh. He was on The View after the 9/08 collapse and was still defending his desire for repeal of GS.
 I think he was hoping it would blow over. And now he's blaming it on Summers and Rubin. How is that "manning" up again?
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No Elephants  (1000+ posts)      Sun Apr-18-10 07:57 AM
Response to Reply #13
18. In Vegas, you need the booze bc you're dealing in your own money. And, even in Vegas, a gambler has 
 SOME chance of winning.

On the other hand, Bubba gambled away OUR money with no chance of beating the house. Where I come from, that ain't even considered a "gamble."

Hekate  (1000+ posts)        Sun Apr-18-10 01:10 AM
Response to Original message
14. So the Big Dog can admit his error and take the hits for it, but do you think any Bush ever will?
 ANY Bush? Two of them have been President -- so far -- and they made plenty of mistakes that I doubt were honest errors. But I think it will be a cold day in Hell before any of them admits more than "Mistakes were made, I guess" which is passive voice for "They just happened, no one is responsible, least of all me."

Hekate
 

DallasNE (555 posts)      Sun Apr-18-10 12:42 PM
Response to Original message
25. On Balance President Clinton Had A Remarkable Record
 On the economy and there is no greater testament than the 22 million jobs added during his 8 years. But that doesn't mean that there weren't some blemishes as well. Signing the Glass-Stegall repeal was one and the mistake he admits on derivatives is another. Make no mistake though. A much bigger factor was the lack of enforcement on remaining regulation, particularly with Cox at the SEC, and the outright fraud being charged against Goldman-Sachs. These compounded thing greatly making it necessary to keep the eye on the ball and not exchange in frivolous discussion on what if items that are insignificant in comparison.
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mvd   (1000+ posts)        Sun Apr-18-10 12:48 PM
Response to Reply #25
26. That's why I don't understand why..
 President Obama took in Geithner and Summers, both with dubious oversight records. During the campaign, Obama had progressive economists in his team, but let them go. I still wonder if Obama is keeping Geithner and Summers under watch while using their knowledge of the industry. Hope so, because it's not consistent with the records of Summers and Geithner to change the system too much. 
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DallasNE (555 posts)      Sun Apr-18-10 09:13 PM
Response to Reply #26
28. I'm With You
 Obama does have Laura Tyson and Paul Volker as advisors so he is getting competing counsel from other powerful sources. So far the arrangement seems to be working pretty well.
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No Elephants  (1000+ posts)      Mon Apr-19-10 08:03 AM
Response to Reply #25
31. If you look below the surface, Poppy Bush, for all his faults, had
 Edited on Mon Apr-19-10 08:16 AM by No Elephants
worked on setting the economy up for recovery (even if he didn't know how bar codes at JC Penney check out counters worked).

And the economy also did well during Clinton's tenure because the effects of some of his policies, like NAFTA and repeal of Glass Steagall, did not begin to hit the U.S. hard until after Clinton left office. And still have not been fully felt--much like the trickle down and small government policies of Reagan did not really hit the fan until well after the beloved Ronnie was long gone and continue to haunt us and will continue to do so bc neither Clinton nor Obama changed them (too big to fail, for example).

And, don't forget, Clinton had a penny-pinching Republican Congress, something folk like Newt Gingrich and Joe Scarborough never tire of saying. And no very costly and long wars, as both Dummy and Obama have had (by choice or otherwise is not the point here)

A recession was, however, beginning somewhat before Clinton welcomed Dummya to the WH for the pre-inaugration breakfast (and then started acting like he was Poppy Bush's long lost son).

So, in all, I think Clinton's impact on the economy may not have been as as positive as it may appear on the surface.

Now what is one to make of all this?  Fertile ground here.

 

[delilahmused]

Well, golly that's kinda like blaming Goldman Sachs after taking almost a million in campaign donations and hiring half executives to work in your administration!

Cindie

[DumbAss Tanker]

Why, how dare the lesser liars lie to the great big liar!

 

[jukin]

Newspeak.

[miskie]

Clinton would not admit anything unless he had reason to do so - I suspect he has a few friends in the Obama Whitehouse involved with day to day activities (unlike the missus who was effectively silenced by Obama) - and I suspect the word is coming down that a new batch of people are going under the bus in such a way that it will implicate Bubba himself.

[SSG Snuggle Bunny]

Damn you Willie!

Now how are we supposed to blame the financial meltdown on the GOP?

[zeitgeist]

Damn you Willie!

Now how are we supposed to blame the financial meltdown on the GOP?

Well I suppose we could always blame those greedy money lenders of history.......you know, the Neocons, wink, wink, the shylocks, nod, nod, Wallstreet is infested with them. Trouble is they gave all that money to the Oh-man an he ain't about to give it back.  




Famous Jewish Comedians.

[JohnnyReb]

Why, how dare the lesser liars lie to the great big liar!

 

"Do unto to others as you would have them do unto you." .....and you reap what you sow.

It "IS" what it "IS" Billy Bob.