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Was Bill Clinton responsible for the Economic Crisis in 2007-2008?

Was Bill Clinton responsible for the Economic Crisis in 2007-2008?


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Centrist

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In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate". Some commentators have stated that the GLBA's repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the financial crisis of 2007–2008.

Do you agree with this statement? Bill Clinton is viewed by many as a successful president when it comes to the economy.

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Bullseye

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In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate". Some commentators have stated that the GLBA's repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the financial crisis of 2007–2008.

Do you agree with this statement? Bill Clinton is viewed by many as a successful president when it comes to the economy.

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How can anyone speak for how 'many" feel?
 

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How can anyone speak for how 'many" feel?
Ok fine, let me correct that, my BIAS -> that I think many view him that way. He was not a good president when it came to economics? I thought America was doing well under him? Or am I wrong?

President Clinton oversaw a healthy economy during his tenure. The U.S. had strong economic growth (around 4% annually). Record budget deficits have become record surpluses, 22 million new jobs have been created, unemployment and core inflation are at their lowest levels in more than 30 years, and America is in the midst of the longest economic expansion in our history.
 
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Exquisitor

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Ok fine, let me correct that, my BIAS -> that I think many view him that way. He was not a good president when it came to economics? I thought America was doing well under him? Or am I wrong?
You're wrong, but perhaps the OP is correct that this repeal contributed.

The repeal may have been appropriate for the Clinton tax structure, but Bush changed it.

A similar bubble was forming under the Trump tax cuts, from which he was immediately fired and impeached.

The Bush tax cuts were the primary cause of the 2008 economic crisis.
 

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In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate". Some commentators have stated that the GLBA's repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the financial crisis of 2007–2008.

Do you agree with this statement? Bill Clinton is viewed by many as a successful president when it comes to the economy.

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It was after 8 years----repeat 8 years of Bush. Case closed
 

Hamish Howl

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Let's not pretend Gingrich had nothing to do with this.
 

99percenter

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the gopers likes to blame clinton and jimmy carter instead of the president who presided over it and is responsible. Very pathetic.
 

99percenter

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Glass steagle had nothing to do with the 08 recessions. this is the reason

 

Gimmesometruth

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The GLBA's repeal allowed access to a larger pool of money, the 2001 crash caused investors/banks to look for other opportunities, Greenspan dropped rates to fuel investment, everyone and their dead dog could get a mortgage, and when the band stopped playing, you had massive reversals of ALL lending......Credit collapses cause recessions.

Private lending is how most money enters an economy, when that ends, recession/depression is guaranteed.
 

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No, the crisis in 2008 was due to the housing bubble and other factors. The president, neither Bush nor Clinton had anything to do with it. What mostly caused it was banks taking on high risk loans that subsequently went into default.
 

trixare4kids

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I don't think any single person was responsible for it...but Bill Clinton's policies definitely contributed to it. As did George W Bush and Alan Greenspan.

Perfectly stated. They are all culpable because they made it easier for unqualified borrowers to obtain zero-interest ballon type predator loans.
 

The Mark

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In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate". Some commentators have stated that the GLBA's repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the financial crisis of 2007–2008.

Do you agree with this statement? Bill Clinton is viewed by many as a successful president when it comes to the economy.

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I strongly doubt that at any point in human history, one person been solely responsible for the economic situation of a large group of people.

Not even under feudal governing systems or the like.

Now, if in this case we're using "president X" as an identifier but actually mean "the executive branch as headed by president X in this specific time period", that's another story.
Even so, the executive can only exert so much influence on things, so it's highly unlikely that all can be attributed to their actions at any point.

Edit: I apply this to every single US president in history, no matter their party.
 

Bodi

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Hamish Howl

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No, the crisis in 2008 was due to the housing bubble and other factors. The president, neither Bush nor Clinton had anything to do with it. What mostly caused it was banks taking on high risk loans that subsequently went into default.

And why did they do that?

Let me suggest Michael Lewis's "The Big Short."

It's a very well done dissection of the collapse, and what drove it.
 

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Yes, I agree the question should have been put as "Did Bill Clinton's decision contribute to the financial crisis of 2007–2008?". I forgot there are a lot of lawyers roaming the forum and at every technicality, they can't wait to get you.

I was about to go on a rant against lawyers however I remembered one of John O'Neill's quotes "When you run with the wolves better not trip". It was a trip on my end this time. I won't even address that one statement "I strongly doubt that at any point in human history, one person been solely responsible for the economic situation of a large group of people." but I will address it. Maybe someone should remind the gentleman above about Mao's decision to go after the sparrows in 1958.

According to Mao Zedong, sparrows were getting in the way of the economic development of the People’s Republic of China. During the next three years, 45 million people died in a famine caused by economic mismanagement, environmental disaster, and state terror. In 1958 Mao Zedong ordered all the sparrows to be killed because they ate too much grain. This caused one of the worst environmental disasters in history


and a last tip for the young: stay away from lawyers. :D

as for the Trump idealogues that watch Fox News:

President Clinton oversaw a healthy economy during his tenure. The U.S. had strong economic growth (around 4% annually). Record budget deficits have become record surpluses, 22 million new jobs have been created, unemployment and core inflation are at their lowest levels in more than 30 years, and America is in the midst of the longest economic expansion in our history.
 
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Bodi

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And why did they do that?

Let me suggest Michael Lewis's "The Big Short."

It's a very well done dissection of the collapse, and what drove it.
As interesting as the topic is that movie was complete shit. It was not interesting, the characters were surprisingly acted badly although all that talent, and the directing sucked. I couldn't waste my time finishing it... got about half way.
 

Hamish Howl

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As interesting as the topic is that movie was complete shit. It was not interesting, the characters were surprisingly acted badly although all that talent, and the directing sucked. I couldn't waste my time finishing it... got about half way.
I was referring to the book. I didn't even know they made a movie, but I can't see how they'd make a movie out of a book on economic history.

It's a fascinating, well-written history that would put people to sleep in any sort of movie format.
 

Bodi

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I was referring to the book. I didn't even know they made a movie, but I can't see how they'd make a movie out of a book on economic history.

It's a fascinating, well-written history that would put people to sleep in any sort of movie format.
Sweet. I will DL the book on Kindle then. Thanks.
 
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