Everybody seemed to love Bill Clinton's speech at the DNC last week. The former president has become the sainted elder statesman of the Democratic party, taking credit for the economic prosperity of the ‘90s.
But people should be more skeptical of his claims, as I write in my syndicated column this week:
He appears in an Obama commercial -- in full "I feel your pain" mode -- saying that Obama "has a plan to rebuild America from the ground up."
When someone claims anyone can rebuild a society from the ground up, I say he is arrogant and delusional.
Clinton then tries to scare viewers by telling them that Republicans want to "go back to deregulation. That's what got us in trouble in the first place."
Ah, the progressives' George W. Bush deregulation myth: Bush's anti-regulation crusade caused our problems. This is a lie that seems true because of constant media repetition. In fact, Bush talked deregulation but vastly increased the regulatory state. He hired an astounding 90,000 new regulators. Under Democrats and Republicans, regulation grows.
A rare exception was repeal of the Glass-Steagall Act, which forbade financial companies from offering both commercial and investment banking services. You know who signed that?
He was right to sign it (backed by Treasury Secretary and later Obama adviser Larry Summers) because outlawing full-service banking put American banks at a competitive disadvantage...
President Clinton happily takes credit for reducing America's budget deficit and presiding over a period of strong economic growth. But this happened not because of wise leadership. Clinton had the good fortune to reside in the White House just as the high-tech information revolution kicked in and a Republican Congress stopped him from spending what Democrats wanted to spend.
The rest of my column here.