Clinton's Rose Colored Glasses

Former President Bill Clinton was back in the game last night doing what he does best. "Slick Willie" used his very formidable political skills to wow the raucous crowd at the Democratic National Commission.  In a very entertaining nearly hour long speech, Clinton attempted to make the case for a second President Obama term. Although Clinton's speech was very effective he- like all politicians do-engaged in a bit of revisionist history by carefully omitting his stumbles during his two term presidency. Clinton stated that "in the last 29 months, our economy has produced about 4 1/2 million private sector jobs".  This figure has been debunked by CNN among other fact checking websites. This blogger was particularly disturbed at this gem: "They want to get rid of those pesky financial regulations designed to prevent another crash and prohibit future bailouts". I wish that our doggedly determined media would remind the Former President that those preventative regulations he speaks of were signed by him! In 1999 Clinton signed the Graham-Leach Bliley Act which repealed the depression era Glass Steagal Act, a law that among other things prevented commercial banks from engaging in investment banking.

In 2000 Clinton also signed another major piece of deregulation : The commodity Futures Modernization Act which prevented banks from engaging in risky speculation-such as the notorious Credit default Swaps. CDS are largely blamed by many economist for precipitating the financial crisis. Mr. Clinton also painted a completely rosy picture of the economy during his second term when in fact a major economic storm was brewing. Clinton left office in January 2001 just before the tech bubble burst which tanked the stock market bringing to an end the famous "irrational exuberance" era- a phrase coined by Clinton's former Fed Chairman Alan Greenspan. By March of that same year we were in a full blown recession-which Bush  subsequently inherited( there's that word again). President bush actually behaved like a President and never blamed his predecessor for his problems-some people should have learned from this. This wasn't the first time Bill Clinton had to come out of the bullpen to rescue the "Hope Pope". In 2010 he showed up unexpectedly with Obama at a White House press briefing to explain the Presidents tax compromise with the Republicans. Some bad news for The President: Clinton can't help him in November.





Comments

Post a Comment

Popular posts from this blog

The Legend Of The Unarmed White Man (Revised)

Image
The August 2014 shooting death of unarmed black teen Mike Brown in St. Louis by a white police officer and the subsequent decision by the grand jury not to indict has brought unrest to American Streets. The protestors feel that police are shooting and killing mostly unarmed black men at alarming rates. Many also believe that police interaction amongst white's is all together different due to the benefits of "white privilege". "If that had of been a white man..." is a common refrain from blacks when speaking of a negative experience with a white police officer. The media plays an integral role in these perceptions by continuously assaulting us with images of black victims and white perpetrators. In light of the Brown incident and other controversial shootings this year, the adjective attached to these perceived victims is "unarmed". The term is a staple in the lexicon of the American media which has painted a false sense of reality for millions of Ame
Read more

BP Crisis Brings Out Radical Left

Image
Once again the left, with the help of Jesse Jackson shows its ignorance of and hatred for capitalism. The BP crisis which began with the explosion of an offshore oil rig which resulted in a fire that killed 19 people. The pipe located one mile undersea began to spew oil into the gulf and has for over fifty days now. The Reverend has been for weeks calling for a boycott of BP. Now comes word that several BP stations have been vandalized. The fact that such vitriol and anger results from what was clearly a tragic accident is surely tragic in itself. Someone should explain to the reverend that oil companies exited the gas station business years ago. The stations are by and large owned by franchisees and independent operators who squeeze out razor thin margins on gasoline-hence the reason for the lottery tickets, potato chips and soft drinks that has become a staple of these often family owned businesses. To make matters worse, the Rev. Jackson stated that "the mom and pop stations a
Read more

Uncovering A Gigantic Royal Scam

Image
The old saying "Too many chiefs and not enough Indians" is by modern standards politically incorrect. However there is a new phenomena that is could take its place. There seems to be too many Kings and Queens and not enough subjects. Peruse Facebook and one will see untold references to "Black Kings" and "Black Queens" which is intended to foster self esteem in the black community. What is wrong with this one may ask? It is built on a ridiculous premise, historical ignorance and grotesque revisionism. For starters, every culture at one time or another has been ruled by monarchs. So by this logic every Anglo British citizen is a King or a Queen since they still have a symbolic monarchy today. Kings and Queens are mere titles-not character traits. Monarchs were selected by either bloodline or bloody conquest. Some of the most dastardly rulers in history were Kings. King John, Herod, Leopold, Caligula are just a few-African rulers were hardly an exception. I
Read more