When I was a CEO with high tech start up companies there were situations where we hired young, many times students, who we called "interns". It was well understood by all that these young people were to be treated as people who were not ready for the adult business world. They were there to get experience and to be treated as we would want others to treat our children, or now, grandchildren. At the time the President of the United States had other ideas about "interns". The American people witnessed the most despicable act ever committed by an American President (far beyond Richard Nixon's Watergate burglary). They then witnessed Clinton's cover up which included committing, and being impeached for, perjury (for those in Mt. Calm this is lying after swearing under oath to tell the truth in a legal American institution). Any objective person knew then our President was a complete sleaze bag who would go to any lengths to satisfy his appetites and cover up his misdeeds.
And today this same man is supposed to have over a 65% approval rating and is proclaimed to be one of the most successful Presidents in our history (usually mentioned with Ronald Reagan). Just as the MONICA BLUE DRESS REVEALED THE TRUTH let's take a look at this guy's record. Why? Because last night this same guy waved that same crooked finger at us and for 50 minutes said, "Barack and I have never had sex (screwed) the American economy. The Republicans did it before we got in office, and they will do it after we leave."
Let's take a look:
1. The great Bush collapse of the economy in 2008 was due primarily to subprime loans (home loans made to people who could not afford them). The roots of the subprime mortgage mess have Clinton's greasy finger prints all over them. Subprime mortgage activity grew an average 25% a year from 1994 (Clinton years were '92-'00) to 2003, outpacing the rate of growth for prime mortgages. The industry accounted for about $330 billion, or 9%, of U.S. mortgages in 2003, up from $35 billion a decade earlier.
Where did this come from? In 1994, the administration along with our old friends Barney Frank and Chris Dodd pushed through some fundamental changes to the Community Reinvestment Act of 1977. The goal of these changes was to make sure that banks were “serving low and moderate income geographies (Democrats)” and making sure that these banks “economically empowered persons of low and moderate income”. Regulators were then given more power to punish banks that did not comply with the new rules These changes led directly to the explosion of subprime mortgages and were the prime cause of the 2008 economic collapse. Clinton and Robert Rubin (Clinton's Wall Street thief) then allowed these financial institutions to package these bad loans and dump them on Fannie Mae, Freddie Mac, and investors (who they enticed with high interest rates).
Today they blame this mess on the Republican's lack of REGULATION. IT WAS CAUSED BY THE DEMOCRAT'S REGULATIONS!!
George Bush? He accepted this mess, did nothing (as he is doing in the current Presidential race) and became a punching bag for the Libs. Note: A moral and honorable man like George should never follow a scoundrel like Bill.
2. Clinton used his Arkansas "arithmetic" to balance the budget and create what is now a "worshiped" surplus. The truth is Clinton failed miserably in his first two years trying to pass "Hillarycare". The Dems were voted out of House and Senate leadership in 1994 and Newt Gingrich came in to lead the the Republican Revolution. You know the rest. We cut spending and reformed welfare, etc. etc. And of course we then opened the door to the Dot-Com Bubble and to the excesses that were used to balance the budget.
George Bush? Focused singularly on the Middle East wars allowing Dems to spend, spend, spend in his later years. I personally think he may have made a deal. "I will allow your spending if you will allow me to fund my wars".
3. Bill Clinton, with his right arm from Goldman Sachs, Robert Rubin, was primarily responsible for fathering the Internet Boom which turned to Bust. Today a few of us still remember the "Internet or Dot-Com Bubble". It is a first cousin to the "Housing Bubble" which makes Sleazey Bill the King of Bubbles. I personally know this Bubble well from personal experience, both good and bad.
Clinton's first major scam was an historic speculative bubble covering roughly 1995–2000 (with a climax on March 10, 2000 (right before Bush's term), with the NASDAQ peaking at 5132.52 before closing at 5048.62) during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the Internet sector and related fields and then drop like a lead balloon with investors holding the bag.
The period was marked by the founding (and, in many cases, spectacular failure) of a group of new Internet-based companies commonly referred to as dot-coms. Companies were seeing their stock prices shoot up if they simply added an "e-" prefix to their name and/or a ".com" to the end. A combination of rapidly increasing stock prices, market confidence that the companies would turn future profits, individual speculation in stocks, widely available venture capital, and crazy Wall Street Initial Public Offerings of overpriced stocks created an environment in which many investors were willing to overlook traditional metrics such as P/E ratio in favor of confidence in technological advancements.
Clinton and Rubin's buddies on Wall Street and in Venture Capital firms made billions of dollars before the bubble popped with many ordinary American investors holding the bag.
George Bush? He inherited this MESS. He passed the Bush tax cuts, fought off the 911 recession, and had 7 very good economic years leading up to the subprime recession.
4. Lastly, Clinton's balanced budget wasn't balanced at all in the way it is touted by the press. They claim he raised taxes on the rich when he actually lowered Capital Gains rates to inject capital into his Internet Bubble. Also, the Republicans held down government spending and consumers more than made up the difference in GDP. Clinton provided easy credit (remember subprimes again) and consumer savings went to historical lows (not good). Investor spending went up, and along with consumer spending, offset huge trade deficits FOR A SHORT PERIOD OF TIME. Remember Clinton opened trade with China. How do you think he gets those big speaking fees in the far east? So the Clinton/Gingrich balanced budget was very temporary based on a consumer and investor spending bubble which were over heated to offset the start of huge trade deficits with the Chinese.
George Bush? Again he inherited the mess and became a punching bag that no one, himself included, is brave enough today to provide a defense. What a shame for such an honorable man to cower after so much hard work.
Well maybe we can tell the story that George and his people should be telling.
Think about it,