Well, not secretly if you are a listener of my radio show.
10 He Had A Lot To Do With The Financial Crisis
The financial crash of 2008 was the result of so many complex, compounding factors that people still can’t agree on who, if anyone, was responsible. However, there’s one name that keeps cropping up again and again: Bill Clinton.
Although he ran on a ticket of reeling in the excesses of big business, Clinton quickly became the financial district’s best friend. During his years in office he completely failed to act on regulating derivatives, a central cause of the crash. In 1999, he repealed the Glass-Steagall Act, a nifty bit of legislation that effectively blocked the creation of today’s dangerously unstable super-banks. As The Guardian noted in 2009, sub-prime loans before the repeal accounted for only 5 percent of all mortgage-lending. By the time of the crash, they’d hit 30.
Clinton also toughened a 1977 act that required lenders to relax their rules for poorer borrowers. In other words, he made it a legal obligation for companies to throw money at people who couldn’t possibly repay it—a policy that, in all fairness, George W. Bush would continue. According to The Wall Street Journal, this was the biggest influence on the gigantic housing bubble that managed to knock the global economy off its axis. At least Slick Willy had the decency to apologize for it afterwards.
Hit the link for the full list.