They just don’t get it. I know; I’m beginning to sound like an old crank waving his fist and yelling at the damn kids to get off his lawn. But by “they” I mean politicos across the spectrum, left to right, Republican, Democrat, those in power in 1978, 1998 or 2008. They’re all responsible (along with many others) for the mess in which we know find ourselves, driven by high returns and higher poll numbers. The latest attempt at duck and cover comes from … well, the king of duck and cover. The New York Times David Leonhardt’s Economix blog tracks an interview with Bill Clinton on his financial legacy. And, while I don’t agree with much of the color commentary Leonhardt provides, the opening sequence is especially damning for the former Pres. Important stuff, since it’s especially important to get on record who said and did what when, and what they’re saying and doing now.
Mr. CLINTON: I don’t know if I would have done anything different. I do not believe this would have happened in this way if I had been in office or if Al Gore had been elected. I just don’t. I think we would have caught the housing bubble and taken steps to stem it before it got out of hand [emphasis mine]. And I know that having Arthur Levitt at the Securities and Exchange Commission would have made a huge difference.