Bill Clinton: Current Crisis Proposal "Not Sufficient"

Crossposted at MyDD.com...

Monday evening I had the privilege to attend a meeting held in New York City for a small group of progressive bloggers by former President Clinton, ostensibly about the work of the Clinton Global Initiative.

But on the eve of the CGI conference, the former President used most of the hour-long meeting to discuss our current economic crisis, calling for a broader, more comprehensive federal response than what has so far been proposed by Bush administration officials.

Clinton pressed several times for progressives to use their leverage to demand more populist assistance and accountability in a larger crisis response - including a moratorium on foreclosures and the creation of a modern-day Home Owners' Loan Corporation, the Depression-era government agency that refinanced mortgages to prevent foreclosure.

To their credit, Clinton said, Paulson and Bernanke have done "about what they were supposed to do." But the current administration proposal doesn't do enough "to deal with the range of 'main street' issues" facing Americans, Clinton said.

Clinton also relayed a story from his wife's recent trip campaigning on behalf of Mitch McConnell challenger Bruce Lunsford: Hillary reported that in Kentucky, people "don't yet see it as a big crisis requiring an urgent response, because they've been in trouble for years."

And while the goal of such measures couldn't be to rescue all mortgage-holders, the former President stressed that keeping many people in their homes would cost society much less than foreclosing.

Besides the protections to safeguard current homeowners, Clinton also echoed calls from Congressional Democrats to add accountability to the huge sum taxpayers would likely invest in the bailout. Lastly, Clinton said the government's response should work to "clean up future risks."

But with President Bush warning Congress that "the whole world is watching to see if we can act quickly" I asked Clinton if there was time to accomplish all this before the crisis ripples further.

Initial efforts to shore-up Wall Street shouldn't be delayed unnecessarily, Clinton told us, but in the long run the government's response must be comprehensive. Clinton even floated the idea of calling a special session of Congress to accomplish such a task.

"We need a plan to do all of it," he said, "otherwise it won't work."

Comments

[BrighterStar]

The problem with giving a government benefit to people who don't pay thier mortgage is that you creat an incentive for people not to pay. Not a good thing when you are hoping to cure a mortgage default crisis.

[Yermammy]

I give two hoots to what this DINO has to say or do anymore. What will always remain in my mind is the back slapping relationship that Slick Willie has with G.H.W. Bush Sr. The Fascist attempted coup (the "Business Plot) by Prescott Bush failed, but you gotta had it them- they don't give up. It now appears that Bill was just a pause between neocon agenda's, if not just a blue alternative.

[mergina]

I wish he could have been President-Emperor for as long as he liked.

[SEQUOIABISON]

I think it is time to stop soliciting the "expert" opinions of our former president who never got elected by a majority of the people.

He beat papa Bush with only 43 percent of the vote and won that election because Perot siphoned off 19 percent of the vote from the republicans.

His recent attempts to act statesmanlike and praise both candidates is disgusting.

He destroyed Gores chances of getting elected with his shameful behavior in the oval office.

Gives a tepid endorsement of Obama, showing he is a mean-spirited sore loser.

If he is not thoroughly outraged by the actions of the republican administration these last 8 years, than he is certainly not one of us, a true progressive democrat, and should join the traitor Lieberman in exile.

Obama/Biden

[MagisterLudi]

I hear Barack Dukakis just gave up on North Dakota-- Clinton to blame. Florida soon to follow? Yep, Clintons fault. Picked the wrong Vice President? Yep, Clinton's at it again. That's the ticket.

[Paralogos]

North Dakota has 3 electoral votes - as few as any state can have - and has been leaning McCain since July. Clinton may not be helping much, but Bush, Paulson, McCain, and Palin keep handing Obama enough material to work with. See http://www.fivethirtyeight.com/

[karela]

We have to do something but bailing out Wall Street isn't it. Spend the same money creating jobs rebuilding infrastructure and fast tracking solar, wind and energy efficient cars. The workers will rebuild the country and then they'll take their earnings and buy stuff. We have a lot better chance of a strong economy if Americans are working at good jobs and thriving so that they provide a need for products and so that they can pay their mortgages---also a law to prevent the sharks from upping the interest so high they can't pay. Increased green energy would decrease demand for foreign oil and that would decrease gas prices. Yeah, Wall Street will take a big sag in the mean time, but it has a lot better chance of a faster rebound if the economy is resting on a broad base of thriving, working, spending American workers. And Congress needs to get to work and make laws to regulate the speculators that caused this. We could watch a trillion dollars disappear down Wall Street's hungry maw and they could do it all over again. There aren't any laws to stop them. Build the economy on a broad base of rock solid working Americans. It's the only way it will be strong. As we've seen, the Wall Street speculator way doesn't trickle down to the middle class and it's feet are made of clay. Let's build it on rock this time.

[LITU]

I'm a socialist with a capitalistic bent. The altruistic capitalism that I grew up with and operated my business by is long gone.

In dealing with just one aspect of the problem, I say that a reasonable solution to this created problem is to let capitalism work; weed out the poor performers for the sake of the strong and responsible. As was pointed out by Durbin today in the Senate, there already exists the mechanism to rewrite mortgages, except for primary residences. Change that and it's a simple fix at minimal cost, based on individual performance.

Rewriting the mortgages in trouble voids the il-liquid paper, making it liquid again. Duh!

[fistbump]

He still thinks he's President. He still thinks that he's the head of the Democratic Party. He can't stand that someone else is taking that mantle away. He can't stand that the spotlight is not on him.

He's a five year old trying to get attention. No dignity.

[foreffectivegovernment]

fistbump: Bill Clinton's title is President Bill Clinton because he held the office of President of the United States. Since he is the last Democratic President, he is the head of the Democratic Party. Granted that Obama is the Democratic candidate for President but until January 20, 2009, he will either replace Bill Clinton as Democratic President or join Al Gore and John Kerry as also-rans for the office of President.
Until that event occurrs, Bill Clinton is, and will remain, the head of the Democratic Party no matter how hard the Left Wing Liberals try to convince Obamabots otherwise. Until Barack Obama is sworn in, if that actually happens, Obama will become President and head of the Democratic Party.. Even if John McCain wins the election, Bill Clinton will still be the head of the Democratic Party until another Democrat is sworn into the office of President.
The spotlight is on him and everyone had better listen to what he has to say.
I know that chaps you Obamabots but as you all like to say, "GET OVER IT". That's the rules.

[MagisterLudi]

Thank you for reminding why I will not be voting for B.O : people like you. I'll still support Democrats on state and local level.

[foreffectivegovernment]

MagisterLudi: I plan to do the same. I have always voted the straight Democratic ticket but this time I will leave vote for President blank. Since history has proven that things work better for the Country when the Executive and Legislative branches have the checks and balances of being staffed by different parties, maybe a McCain Presidency will not be as bad as we fear.

[boycottrightwingthings]

Firstbump, President Clinton is intelligent, I would trust that he wants the best for our country and will listen to his financial advice in a heartbeat. Since everyone wants him on their shows to hear what he has to say about the crisis, I think it is YOU who are acting like the 5 year old. Bill Clinton was an econimic genius, and I think it bodes well to listen to what the man has to say. I am not alone in wishing that he was STILL president, because if he was, I doubt that we would be in the perdiciment that we find ourselves in today! Obama Biden 08'

[research]

Bill helped create Liebermans's DLC.

Bill:

Become a democrat.

[MagisterLudi]

Research, become a Democrat, not a idol worshiping zealot.

(AP) March 31, 2006
HARTFORD, Conn. --U.S. Sen. Barack Obama rallied Connecticut Democrats at their annual dinner Thursday night, throwing his support behind mentor and Senate colleague Joe Lieberman.

"I am absolutely certain Connecticut is going to have the good sense to send Joe Lieberman back to the U.S. Senate so he can continue to serve on our behalf," he said.

But what I know is, Joe Lieberman's a man with a good heart, with a keen intellect, who cares about the working families of America," Obama said to mounting applause.

[research]

Lieberman is an independent, definitely not a democrats.

Obama gave token support for his mentor.

Kucinich is my first choice.

Obama's not perfect, just

infinitely better then McGOP.

You probably like the DLC since they are conservative like you.

[renatam]

Bill Clinton triangulated Democrats in Congress and backed Phil Gramm's DEREGULATION of Depression Era laws -- in 1999, while his wife was preparing for her run for NYS Senator. Chelsea had ambitions to join a Hedge Fund -- and Rubin along w/the rest of Clinton Inc. ensconced themselves comfy/cozy in NYC to make Clinton Inc. into a BILLION DOLLAR financial (still unvetted) juddgernaut -- while his wife was our Junior Senator.

Now, after this virtual giveaway at the expense of the American taxpayer for the "Clinton (Financial) Global Initiative" -- which also ushered in the globalization era and outsourcing of American technologies, jobs, etc. -- during the UN Sessions -- we are to believe we should give MORE not less to these DLC/Repub-lites and Republicans?

No wonder Bill and Hillary have been and continue to validate Republican Nominees McCain/Palin -- and, Republicans did the same for Hillary during the Primaries.

Fellow New Yorkers, NO DEAL. Let's send familia Clinton packing as soon as we can. Let's see if their Wall Street/hedge fund/MSM toadies follow them back to ARKANSAS.

[LITU]

You've got my vote, renatam. Except that Hillary hasn't soured me quite like Billy has, although that's just an exposure issue.

[renatam]

Welcome aboard and thanks! Americans have to blame ourselves for falling asleep at the wheel. No more! We may be foolish, but we are NOT FOOLS!

[gabbinjane]

And, don't forget - government actions to force lending institutions to make bad loans to high-risk borrowers started in the Carter administration. It was brought to it's current crisis by the Clinton administration and its appointees Raines and Johnson abetted by the "usual suspects" Chris "Bought and Paid For" Dodd, and Barney "Don't Worry, Be Happy" Frank. Bush tried to reform Fannie and Freddie numerous times, only to be thwarted by the Congressional Dems. Even McCain, certainly not the brightest tool in the shed, warned the world in 2005 on the floor of the Senate - but no one, Rep or Dem, would act!

[AbbieXHoffman]

I wish he could be president again.

[boycottrightwingthings]

Me too, President Clinton was the absolute BEST. It bodes well for Obama, because it just goes to show that having an intelligent man who is one of the best in his class, as opposed to the C student Bush (and that was with the copying of papers, no doubt on Bush's part) really makes a difference, and Obama and Clinton have that intelligence factor in common. Bill Clinton has helped Obama by recommending all of his brilliant financlal and economic advisers to him, and they are on Obama's team now. Obama Biden 08'

[wolfdog9545]

Bill is Not a Team Player, He should become a republican since he admires John McCain. Hillary Lost and it's time to move on.

[boycottrightwingthings]

There is nothing wrong with Bill saying that he admires the sacrafice of John McSame as a prisoner of war. He still wants Barack Obama as President, he mentioned that at his Global initiative conference, which I attended. He stumps for Obama wherever he goes, sorry he isn't jumping on the couch for him, but imagine if it was your wife who lost. How would YOU feel? Bill IS a team player! Obama Biden 08'

[pbley68]

In 1999 Clinton was a lame duck president, with one arm tied behind his back, he was forced to repeal the Glass-Steagall Act , to pacify an nation that wanted Reaganomics, and satisfy the Newt Gingrich brigade.

[jacqmac]

And-to add to this-Bill Clinton could NEVER form a coalition! His whole presidency was triangulated. He was a lame duck, he had one arm tied and the other twisted. It is STILL THE REPUBLICAN LEGACY that has gotten the country to this mess.
And-since Bill KNOWS that he had created a surplus-even while being triangulated and seeing some of his more ambitious reforms go down in flames-he KNOWS where it went too! Someone NEEDS TO GET HIM TO REMIND THE WHOLE COUNTRY OF THIS.
And-it is GOOD to see that Hillary has been having contact with the people 'on Main Street' in Ky. Remember-we've ALL BEEN IN TROUBLE FOR YEARS--SEVEN OF THEM TO BE EXACT, MORE IF YOU COUNT THE REAGAN AND BUSH I terms. ENOUGH IS ENOUGH!! OUT WITH THE OLD! IN WITH THE NEW! AND THAT DOESN'T MEAN "NEW REPUBLICANS" EITHER!

OBAMA/BIDEN '08 (I'll start worrying about 2012 in 2009)

[boycottrightwingthings]

Pbley, Bill Clinton was the best president that we ever had, and certainly the smartest one! You don't know what you are talking about! Vote for Bush much? I thought so. Bush will go down in history as the absolute WORST. Just when you thought Bush couldn't screw up another thing, then we have this horrid financial crisis. Obama Biden 08'

[rosalala]

and while you're at it let your senators know that CEO's and upper management should not be compensated as they've grossly been for the past 10 years. Punitive actions are more like it. They have gambled with money they didn't have. They don't deserve to get anything after running these companies into the ground.
I liked the thought from a man from Carnegie Mellon...give them a loan with an interest rate and let them get themselves out of this mess with their own risks.

[Fabienne]

Who's Bill Clinton?

[DASChicago]

Ha!

[AbbieXHoffman]

The guy who did more for our country than any president in the last 30 years. Peace and prosperity.

[renatam]

With Bill, that ALWAYS comes with a price. Hillary has been willing to pay it. Her choice.

We no longer are.

Now, George Will can add Bill Clinton to his John McCain immaturity scale.

[foreffectivegovernment]

Fabienne: He is a one of two Democratic Presidents still alive. He is the first two-term Democratic President in my lifetime. He is currently head of the Democratic Party and will remain so until another Democratic President is sworn into office.
That may or may not be the current Democratic nominee. If the current Democratic nominee is sworn into office on January 20, 2009, then he will become President and head of the Democratic Party. If the current Democratic nominee is not elected to the Presidency, he will become just another Democratic nominee that lost an election and join the ranks of Al Gore and John Kerry. President Bill Clinton will still be the head of the Democratic Party. You all better be nicer to him and listen to his advice about the financial crisis because he has "experience" as President and not just "experience" at running a good and successful campaign. The current Nominee, Obama, would be better served if he consulted with President Bill Clinton about this crisis instead of Clinton administration advisors if he really wants to be President and save the world.