Does Bill Clinton still not grasp that the current economic crisis is in large measure his legacy? Obviously that's the case, or he wouldn't have had the temerity to write a 14-point memo for Newsweek on how to fix the economy that never once refers to the home mortgage collapse and other manifestations of Wall Street greed that he enabled as president.
Endorsing the Republican agenda of financial industry deregulation, reversing New Deal safeguards, President Clinton pursued policies that in the long run created more damage to the American economy than any other president since Herbert Hoover, whose tenure is linked to the Great Depression. Now, in his Newsweek piece, Clinton has the effrontery to once again revive his 1992 campaign mantra, "It's the economy, stupid," as the article's title without any sense of irony, let alone accountability. But that has always been the man's special gift -- to rise above, and indeed benefit from -- the messes he created.
His list of safe nostrums -- painting tar-surface roofs white and seeking more efficient solar and battery production -- to be featured at his lavishly funded Clinton Global Initiative conference in Chicago next week is vintage Clinton hype. All of those solutions are of the win/win sort that he loved to ballyhoo as president; who in his or her right mind would be against green job creation? But that hardly speaks to a crisis in which, as was reported Tuesday, the housing meltdown continues unabated as the toxic mortgages sold and packaged by the leading banks and investment houses clog the real estate market, destroying consumer confidence and hobbling job creation.
Conceding that the bailed-out banks are sitting on $2 trillion that they won't lend, Clinton offers not a word about mortgage relief for swindled homeowners. With an all-time high of 44 million Americans living below the poverty line, Clinton once again brags of his success in ending the federal welfare program.
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