On Monday Feb. 16, 2009, the Today Show interview with Bill Clinton discussed his inclusion on TIME’s list of the “25 People to Blame” for the global economic collapse.
Bill said “Oh no, My question to them is: Do any of them seriously believe if I had been president, and my economic team had been in place the last eight years, that this would be happening today? I think they know the answer to that: No.”
The TIME’s piece zeroed in on two specific economic policy decisions made during the Clinton administration. Clinton ushered out the Glass-Steagall Act, which for decades had separated commercial and investment banking, and signed the Commodity Futures Modernization Act – which exempted all derivatives, including the now-notorious credit-default swaps, from federal regulation. His administration also loosened housing rules, which added pressure on banks to lend in low-income neighborhoods.
Bill Clinton earns some credit along with a long list of people including Presiden Bush, Alan Greenspan, Countrywide co-founder Angelo Mozilo, Lehman Brothers CEO Dick Fuld, Barney Frank (D), Senator Chris Dodd (D).
Clinton has a long history of having problems accepting responsibility for his actions. His motto has always been. “It was not me”. Remember what President Truman said Bill, “The buck stops here”.